Applied Extrusion Technologies, Inc. Announces Termination of Acquisition Discussions.BOSTON, MA--(BUSINESS WIRE)--July 11, 1997--Applied Extrusion Technologies, Inc. (Nasdaq NMS-AETC) today announced that it has elected to terminate confidential negotiations for the acquisition of an international oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. polypropylene polypropylene (pŏl'ēprō`pəlēn), plastic noted for its light weight, being less dense than water; it is a polymer of propylene. It resists moisture, oils, and solvents. films manufacturing business after the parties failed to reach mutually agreeable terms. The Company anticipates a non-operating charge in the third fiscal quarter of 1997 in the amount of approximately $900,000 ($.08 per share) after taxes, in connection with extensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. efforts and other expenditures related to the proposed transaction. President and Chief Executive Officer Thomas E. Williams stated, "We continually explore and evaluate prospects for strategic acquisitions, and have positioned AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. to be a consolidator in the specialty films industry. While we are disappointed with the outcome in this instance, we are committed to global expansion and will continue to use a disciplined approach to evaluate potential business combinations with the ultimate goal of enhancing shareholder value." Applied Extrusion Technologies, Inc. is a leading developer and manufacturer of highly specialized plastic films used primarily in consumer product labeling, flexible packaging and health care applications. Through its technological innovations, AET is a leader in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. oriented polypropylene and apertured films markets. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including the timely development and acceptance of new products, fluctuations in raw materials prices, the loss of one or more significant customers, the impact of competitive products and pricing, the timely completion of capital projects, the success of the Company's efforts to expand into new markets and other risks detailed in the Company's prospectuses dated August 16, 1995 and May 20, 1994, its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended September 30, 1996 and from time to time in the Company's other reports filed with the Securities and Exchange Commission. CONTACT: Anthony J. Allott Vice President and Chief Financial Officer (508) 538-1516 |
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