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NEWS RELEASE MPM TECHNOLOGIES INC.
MPM ANNOUNCES RESTRUCTURING
OF ST(2)EP TRANSACTION
Spokane, WA - December 29, 2000 - MPM Technologies, Inc. (NASDAQ: MPML)
announced today that it was working with its advisors to restructure the
proposed transaction with ST(2)EP, LLC. In addition, MPM announced that Michael
A. Porter, CEO and President of ST(2)EP, and Gregory T. LaLonde III, Chairman of
ST(2)EP, have agreed to serve on MPM's Board of Directors upon the completion of
the ST(2)EP transaction. In addition, Mr. Porter has agreed to become President
and CEO of MPM at such time.
MPM also announced that it is not presently contemplated that Mr. Joseph G.
Kilraine will be elected to serve on its Board of Directors. MPM has become
aware that a dispute has arisen between Mr. Kilraine and MPM as to the capacity
in which Mr. Kilraine serves MPM. MPM expects that Mr. Kilraine will continue to
serve as its President.
ST(2)EP is an international engineering, operations, maintenance and staffing
corporation. It provides its services to multi-national corporations such as
Shell and Phillips Petroleum and other Fortune 500 companies as well as
countries on a global basis, such as UAE, Algeria, Saudi Arabia, Indonesia, Abu
Dhabi and South Africa. MPM has previously announced its intent to acquire
ST(2)EP. Closing of the acquisition is expected during the first quarter of
2001.
MPM Technologies, Inc. is a holding company with two operating subsidiaries,
Huntington Environmental Systems, Inc. and AirPol, Inc., which design, build,
install and service industrial air pollution control systems. A third
subsidiary, Nupower, Inc. is engaged in the development and marketing of Skygas,
a patented waste-to-fuel technology.
Contact: Robert D. Little
MPM Technologies, Inc.
(509) 326-3443
E-mail: [email protected]
Web Page: www.mpmtech.com
Statement Under the Private Securities Litigation Reform Act.
With the exception of the historical information contained in this release, the
matters described herein contain forward-looking statements that involve risk
and uncertainties that may individually or mutually impact the matters herein
described, including but not limited to product acceptance, economic,
competitive, governmental, results or litigation, technological and/or other
factors, which are outside the control of the Company.
