Exhibit 99.1
APPLIED BIOMETRICS, INC. COMPANY PRESS RELEASE
For Immediate Release: September 6, 2000 For further information contact:
Camille M. Meyer
Chief Financial Officer
952-890-1123
APPLIED BIOMETRICS, INC. REPORTS ENGAGEMENT OF MANCHESTER COMPANIES, INC. TO
SELL REMAINING ASSETS AND WIND UP OPERATIONS
Burnsville, MN - September 6, 2000, Applied Biometrics, Inc. (Nasdaq: ABIO)
announced today that its Board of Directors has engaged Manchester Companies,
Inc. a Minneapolis-based advisory and investment banking firm, to sell the
remaining corporate assets and to perform the final termination of its
operations.
In concert with the decision to engage Manchester, Directors Norman Dann and
Demetre Nicoloff have resigned their Board positions, and James D. Bonneville of
Manchester has been elected as interim CEO. Andrew M. Weiss, former President
and CEO, and Jeffrey Green will remain as Directors of the Company to manage the
Manchester engagement. Through Manchester, the Company will attempt to sell its
intellectual property and corporate shell and conduct final liquidation of its
assets.
Applied Biometrics, located in Burnsville, Minnesota, is currently terminating
its operations and is positioning itself for business sale or liquidation.
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE INCLUDE "FORWARD LOOKING
STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. ALL FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED ON
INFORMATION AVAILABLE TO THE COMPANY AS OF THE DATE HEREOF AND THE COMPANY
ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT. SUCH STATEMENTS
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY
CAUSE THE ACTUAL RESULT TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESS OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. THESE FACTORS INCLUDE, AMONG OTHERS, THE COMPANY'S ABILITY TO
IDENTIFY, NEGOTIATE AND COMPLETE THE SALE OR DISPOSITION OF ITS CORPORATE ASSETS
AND ACHIEVE VALUE FOR ITS SHAREHOLDERS.
