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FERROFLUIDICS CORPORATION
(Name of Registrant as Specified in Its Charter)
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Ferrofluidics-------------------------------------------------------------------
CORPORATION
FOR IMMEDIATE RELEASE CONTACT: William B. Ford
Chief Financial Officer
Ferrofluidics Corporation
Phone: (603) 883-9800 Fax: (603) 883-1213
FERROFLUIDICS DENIES SPONSORING PROPOSAL TO SELL
Nashua, New Hampshire...December 3, 1998...Ferrofluidics Corporation
(NASDAQ:FERO) The Reuters news service today published a report encaptioned
"Ferrofluidics To Sponsor Sell Proposal". This headline was incorrect in
suggesting that Ferrofluidics had sponsored such a proposal. In fact, such
proposal was sponsored by Michael Taglich who, according to the report, owns
13,500 shares or 0.2% of Ferrofluidics common stock. Ferrofluidics has opposed
this proposal for the reasons set forth in its Proxy Statement dated November
25, 1998 relating to the Annual Meeting of shareholders to be held on December
17, 1998. A copy of the Proxy Statement will be furnished to shareholders upon
request. Mr. Taglich's proposal, if adopted by a majority of the votes cast at
the December 17th meeting, would serve only as a recommendation to the Board of
directors to take the necessary steps to sell the Company; the proposal, even if
adopted, does not require the Board to take such steps.
Ferrofluidics is the world leader in ferrofluid (magnetic fluid) technology. The
Company combines proprietary Ferrofluidic(R) technology with applied engineering
to commercialize applications enabling customers' products to operate more
effectively and efficiently. The Company currently is a world leader in the sale
of Ferrofluidic(R) rotary seals and sealing sub-systems, and ferrofluids for a
variety of applications.
40 SIMON STREET, NASHUA, NH 03061 TEL: (603) 883-9800 FAX: (603) 883-2308
