EXHIBIT 99.1
NEWS RELEASE
COMPANY CONTACT:
John E. Reed, Chairman of the Board
(413) 568-9571
Mestek, Inc. Completes Sale of Stock
Of National Northeast Corporation
WESTFIELD, MASSACHUSETTS, January 10, 2001 - Mestek, Inc. (NYSE: MCC)
announced that it has completed the previously-announced sale of all of its
interest in National Northeast Corporation ("NNE") to Alpha Technologies Group,
Inc. (NASDAQ:ATGI). NNE is in the thermal management and aluminum extrusion
business in Pelham, New Hampshire. The purchase price was approximately
$50 million.
John E. Reed, Chairman and CEO of Mestek, stated, "National Northeast
is an efficient, profitable and thoroughly up-to-date producer of aluminum
extrusions having some marginal synergisms with our HVAC products. However, with
the decision to concentrate our efforts within our two core overlapping
businesses, HVAC and metal forming machinery, it seemed logical to make this
sale to a company which can more fully develop National Northeast's potential
within the framework of its extensive line of thermal management products.
Mestek has spent the year 2000 in making five acquisitions in key
support of its two core businesses. Cash realized from the National Northeast
sale plus cash flow from the year's operations will be used to reduce debt, thus
entering 2001 with a strong balance sheet reflecting an equity-debt position of
better than eight to one."
Mestek is a diversified manufacturer of heating, ventilating and air
conditioning equipment, metal hose and hose products and metal-forming
machinery.
Note regarding Private Securities Litigation Reform Act: Statements made in this
press release which are not historical facts, including projections, statements
of plans, objectives, expectations, or future economic performance, are
forward-looking statements that involve risks and uncertainties and are subject
to the safe harbor created by the Private Securities Litigation Reform Act of
1995. Mestek's future performance could differ significantly from that set forth
herein and from the expectations of management. Important factors that could
cause Mestek's financial performance to differ materially from past results and
from those expressed in any forward looking statements, include, without
limitation, risks associated with integration of acquisitions, variability in
quarterly operating results, customer concentration, product acceptance, long
sales cycles, long and varying delivery cycles, dependence on business partners,
and emerging technological standards. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of their
dates.
