Alamo Group Inc. Announces Result of Court Hearings Regarding Athey Products Corporation.Business Editors SEGUIN, Tex.--(BUSINESS WIRE)--Feb. 21, 2001 Alamo Group Inc. (NYSE NYSE See: New York Stock Exchange :ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there ) today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Eastern District of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. accepted a competitive bid from another company to purchase the assets of Athey Products Corporation (Nasdaq:ATPCQ). Alamo Group announced on February 6, 2001 that it had entered into an agreement to purchase substantially all of the assets of Athey, which was subject to, among other things, overbid o·ver·bid v. o·ver·bid, o·ver·bid·den or o·ver·bid, o·ver·bid·ding, o·ver·bids v.tr. 1. To outbid (a person) for something, as at an auction. 2. procedures approved by the court on February 9, 2001. The court reviewed the bids yesterday and per the procedures adopted, an auction was conducted to establish the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. . Alamo Group was unsuccessful at the auction despite that Alamo Group increased its offer above the original contemplated sales price of $11 million. Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. Our products include tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, agricultural implements and related after market parts and services. The Company, founded in 1969, has over 1,400 employees and operates eleven plants in the United States and Europe as of March 2000. The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company's European operations are located in Salford Priors, England. This release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: market demand, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date. |
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