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Contact Information:
Dan Cook, President
303-986-8011
PRESS RELEASE
USTMAN TECHNOLOGIES ANNOUNCES
PROPOSED SALE TO VEEDER-ROOT
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Lakewood, Colorado - June 6, 2000 USTMAN Technologies, Inc. (OTC BB: USTX)
announced today that it signed a letter of intent with Veeder-Root Company to
sell substantially all of its assets to Veeder-Root for $17.35M in cash. USTMAN
presently intends on using the proceeds from the sale to re-pay indebtedness,
pay transaction expenses, and partially pay the liquidation preference of its
Series A Preferred Stock. As a consequence, it is not presently anticipated that
there will be any funds available for distribution to common stockholders.
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.
The sale to Veeder-Root is subject to the entering into of a definitive
acquisition agreement and obtaining all necessary board, stockholder and
regulatory approvals.
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