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Contact Information:
Dan Cook, President
303-986-8011
PRESS RELEASE
USTMAN TECHNOLOGIES ANNOUNCES
EXECUTION OF DEFINITIVE ACQUISITION AGREEMENT
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Lakewood, Colorado - July 21, 2000 USTMAN Technologies, Inc. (OTC BB: USTX)
announced today that it has executed a definitive Asset Purchase Agreement with
Veeder-Root Company to sell substantially all of its assets to Veeder-Root for
$17.158 million in cash. USTMAN presently intends on using the proceeds of the
sale to repay indebtedness, pay transaction expenses, and partially pay the
liquidation preference of its Series A Preferred Stock. As a consequence, it is
not presently expected that there will be funds available for distribution to
common stockholders.
The Company's majority stockholders, which also own all of the Series A
Preferred Stock, have agreed to vote in favor of the transaction. The
consummation of the transaction is subject to the satisfaction of customary
closing conditions. The parties presently anticipate that the transaction will
close in September of this year after an Information Statement has been
distributed to all shareholders.
USTMAN Technologies, headquartered in Lakewood, Colorado, is a provider of
compliance information for underground storage tanks, servicing more than 76,000
such tanks through the application of the statistical inventory reconciliation
(SIR) process. SIR is the leading method of detecting leaks in managing fuel
inventory held in storage tanks.
Veeder-Root, headquartered in Simsbury, CT, is a leading supplier of fuel
management solutions and monitors over 500,000 petroleum underground storage
tanks at retail stations around the world. Veeder-Root is a wholly-owned
subsidiary of Danaher Corporation (NYSE:DHR), a leading manufacturer of
Process/Environmental Controls and Tools and Components.
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