EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For additional information contact:
BREED Technologies, Inc.
Stuart D. Boyd, Vice President, Legal Affairs
863-668-6389
BREED TECHNOLOGIES ANNOUNCES
EMERGENCE FROM CHAPTER 11
LAKELAND, FL. DECEMBER 27, 2000. BREED Technologies, Inc., a global producer of
automotive safety systems, today announced its successful emergence from the
chapter 11 bankruptcy process it began on September 20, 1999. BREED's Plan of
Reorganization, confirmed by the United State Bankruptcy Court for the District
of Delaware on November 22, 2000, became effective on December 26, 2000 and
provides, among other things, for the cancellation of all of BREED's common
stock outstanding prior to the effective date of the Plan. Under the Plan, BREED
will continue as a private corporation with new capital and ownership
structures. As previously announced, John Riess, the former CEO of Gates Rubber
Company, has been named BREED's Chief Executive Officer. Additional details will
be provided when the company returns from its holiday shutdown on January 2,
2001.
