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EXHIBIT 99.1
FOR IMMEDIATE RELEASE Contacts: Jill Burchill
Chief Financial Officer
December 21, 2000 507/663-8294
Sheldahl, Inc. [email protected]
1150 Sheldahl Road
Northfield, MN 55057 Jennifer Weichert for Sheldahl
Weichert Financial Relations, Inc.
651/261-5330
[email protected]
Troy McCombs for IFT
Coltrin and Associates
212/221-1616
[email protected]
SHELDAHL FILES FORM 8-K WITH TRANSACTION TERMS
Northfield, MN, - December 21, 2000 - Sheldahl Inc. (NasdaqNM: SHEL) announced
today that investors seeking specific details regarding the Company's previously
announced transactions with International Flex Technologies Inc. ("IFT"),
Morgenthaler Partners ("Morgenthaler"), Ampersand Ventures ("Ampersand") and
Molex Incorporated ("Molex") can find such information in the Company's
Securities and Exchange Commission filings on Form 8-K filed on November 13,
2000 and December 20, 2000. The text of these filings on Form 8-K can be
reviewed by accessing the following web address:
http://www.sheldahl.com/Invest/SECFilings.htm.
As previously reported, Morgenthaler and Ampersand will invest $25 million in
equity capital in exchange for shares of Sheldahl common stock and shares of a
new series of convertible preferred stock. Under the revised terms for the
transaction, the conversion price of the preferred stock has decreased from
approximately $2.77 per share to $1.40 and the dividend conversion price has
decreased from approximately $3.54 per share to $1.625 per share. The dividend
coupon of 11.06% for the preferred stock has not changed.
International Flex Technologies Inc. is a leading producer of fine-line, high
quality flexible circuits for sale to the electronics, data communications and
medical markets. The Company, headquartered in Endicott, New York, has
operations in Stamford, Connecticut and sales offices worldwide. Information on
IFT can be found on the World Wide Web at http://www.internationalflex.com.
Morgenthaler Partners is a private equity investment firm with offices in
Cleveland, Ohio and Menlo Park, California, with approximately $1.0 billion
under management. Information on Morgenthaler can be found on the World Wide Web
at http://www.morgenthaler.com .
Ampersand Ventures is a private equity investment firm with offices in
Wellesley, Massachusetts and San Diego, California, with approximately $350
million in capital under management. Information on Ampersand Ventures can be
found on the World Wide Web at http://www.ampersandventures.com .
Molex Incorporated is a 62-year-old manufacturer of electronic, electrical and
fiber optic interconnection products and systems; switches; value-added
assemblies; and application tooling. Based in Lisle, Illinois, USA, the Company
operates 52 manufacturing facilities in 19 countries and employs approximately
17,650 people. For more information please go to http://www.molex.com .
Sheldahl, Inc. is a leading producer of high-density substrates, high-quality
flexible printed circuitry, and
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flexible laminates primarily for sale to the automotive electronics and data
communications markets. The Company, which is headquartered in Northfield,
Minnesota, has operations in Northfield; Longmont, Colorado; South Dakota;
Toronto, Ontario, Canada; and Chihuahua, Chih., Mexico. Its sales offices are
located in Detroit, Michigan, Hong Kong, China; Singapore; and Mainz, Germany.
As of September 1, 2000, Sheldahl employed approximately 800 people. Sheldahl's
common stock trades on the Nasdaq National Market tier of the Nasdaq Stock
Market under the symbol: SHEL. Sheldahl news and information can be found on the
World Wide Web at http://www.sheldahl.com.
The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's periodic
filings. Actual results may differ materially depending on a variety of factors,
including, but not limited to the following: the achievement of Sheldahl's
projected operating results, the ability of Sheldahl to successfully obtain
waivers from its lenders for defaults on its debt covenants, the achievement of
efficient volume production and related sales revenue results at Longmont, the
ability of Sheldahl to identify and successfully pursue other business
opportunities and Sheldahl not completing the transactions described above.
Additional information with respect to the risks and uncertainties faced by
Sheldahl may be found in, and the prior discussion is qualified in its entirety
by, the Risk Factors contained in the Company's filings with the Securities and
Exchange Commission including Sheldahl's Annual Report, Form 10-K for the fiscal
year ended September 1, 2000, and other SEC filings. Sheldahl does not undertake
any obligation to update any such factors or to publicly announce developments
or events relating to the matters described herein.
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