CONTACTS:
Investor Relations Department,
Nicole Reynard
Dynatec International, Inc.
(801) 973-9500
Dynatec To Narrow Corporate Focus to Key Operations and Long Term Strategic Plan
SALT LAKE CITY, Utah., November 27, 2000 - Dynatec International, Inc.
(Nasdaq: DYNX), announced today that it has completed a transaction with
California-based Expandable Home Organizers, Inc., ("EHOI") for the sale of all
of the assets comprising Dynatec's unincorporated Neat Things!(TM)business that
manufactures and sells a line of home organization and storage products. EHOI
will continue to do business under the Neat Things! and Expandable names. The
transaction involved the payment by EHOI of consideration of approximately $1.5
million, which was paid in the form of cash and the assumption by EHOI of
certain trade payables of the Company incurred in connection with the Neat
Things! division.
"The consummation of this transaction is an important step in the
implementation of our long-term strategic plan for the Company, and will allow
us to focus on our two highest potential businesses - the flashlight
manufacturing and sales business conducted through our Nordic Technologies, Inc.
subsidiary, and the Softalk Communications telephone headset and electronic
accessory product line conducted through our Softalk Communications, Inc.
subsidiary," said Frederick W. Volcansek, Sr., Dynatec's Chairman and Chief
Executive Officer. "We are presently considering our options with respect to
other operations that may not be fully consistent with our long-term strategy,"
continued Volcansek. "Our portfolio of operations has historically had many
independent and unrelated businesses, and with this shift in focus, we hope to
be able to more aggressively grow those components of the business that have, in
management's estimation, the most long-term potential," concluded Volcansek.
Dynatec International, Inc. is a Salt Lake City, Utah-based manufacturer
and distributor of consumer products, including flashlights, telephone headsets
amplifiers and related products, and other telephone accessories.
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, which represent Dynatec's
expectations and beliefs concerning future events, including any effects of the
transaction that is discussed in the press release. Dynatec wishes to caution
and advise readers that these statements involve risks and uncertainties that
could cause outcomes to differ materially from any forward-looking statement or
views expressed herein.
