EXHIBIT 99
VISKASE COMPANIES, INC. ANNOUNCES INTENTION
TO SELL PLASTIC SHRINK FILM BUSINESS
Nasdaq OTCBB ! VCIC For additional information contact:
G.S. Donovan (708) 496-4200
K.K. Duttlinger (708) 496-4200
VISKASE COMPANIES, INC. ANNOUNCES SALE
OF PLASTIC SHRINK FILM BUSINESS
CHICAGO, ILLINOIS, July 7, 2000 - Viskase Companies, Inc. (Nasdaq
OTCBB: VCIC) announced today that it has signed a definitive
agreement to sell its plastic barrier and non-barrier shrink film
business to Bemis Company, Inc., for a purchase price of $245
million which includes $228 million in cash upon the consummation
of the transaction and $17 million in accounts receivable
excluded from the transaction. The business being sold includes
production facilities in the United States, United Kingdom and
Brazil. Proceeds from the sale will be used principally to
retire debt and for general corporate purposes. The sale is
subject to customary conditions, including the receipt of
governmental and third party consents, and is expected to close
in August 2000.
The sale excludes any patent litigation proceedings between
Viskase and American National Can Company. This litigation
continues to reside in the Court of Appeals for the Federal
Circuit, which should render a decision later this year or early
in 2001.
Mr. F. Edward Gustafson, Chairman and CEO of Viskase Companies,
Inc., stated that "while the business we are selling has
experienced impressive growth over the past several years and has
significant potential in the future, Viskase will have a greater
opportunity for success by concentrating on its worldwide casings
business. After the sale of our films business, the 'New Viskase'
will focus its efforts on aggressively competing in the worldwide
cellulose casings market and will fully commercialize our NUCELR
casings technology. This new technology, along with a streamlined
organization, will place Viskase in a much stronger position to
grow profitably in the future."
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