Chemfab Corporation Completes Acquisition of UroQuest.

Business Editors

MERRIMACK, N.H.--(BUSINESS WIRE)--Dec. 28, 1999

Chemfab Corporation (NYSE:CFA) today announced that it has completed the acquisition of UroQuest Medical Corporation (NASDAQ:UROQ) of Menlo Park, CA. The total cash price was $28.4 million, based on a per common share price of $2.2665.

UroQuest and its wholly owned subsidiary Bivona Medical Technologies have consolidated annual revenues of approximately $21 million. Bivonas, located in Gary, Indiana, accounts for virtually all of UroQuest's consolidated revenues. Bivona designs, manufactures and markets proprietary disposable silicone elastomer products and silicone elastomer components used in products serving the healthcare and personal care industry, and is a market leader in the design and manufacture of silicone elastomer products for airway management applications, a $200 million addressable market.

Commenting on the acquisition, Dr. John W. Verbicky, Chemfab's President and Chief Executive Officer said, "We view the acquisition of UroQuest and Bivona as a strategic acquisition which significantly enhances Chemfab's position in high performance elastomers and our ability to participate in the medical and healthcare markets. The transaction also moves us forward in realizing our strategic vision to expand the scope and breadth of our business. We also continue to expect this acquisition to be modestly accretive to the Company's earnings in the first full year. With this acquisition, High Performance Elastomers will represent nearly 20% of Chemfab's consolidated revenues. Bivona will continue to serve its existing customers and aggressively pursue its growth strategy."

Chemfab Corporation is a leader in the design, manufacture, fabrication and marketing value added polymer-based products which deliver outstanding performance in severe service and highly specialized operating environments. Chemfab manufactures a broad range of high performance polymer based, reinforced and unreinforced fluoroplastics, fluoroelastomers, silicone elastomers and adhesives. The Company's products include laminates, films, coated fabrics, and tapes. The Company also produces molded polymer products and fabricated finished articles from roll goods. Worldwide end-use applications are in medical, food processing, biomedical, protective clothing, electronics, communications, aerospace, architectural and other industrial markets and applications.

NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, including acquisition and transition challenges, assimilation issues in the consolidation process, customer reaction to the acquisitions, and operational and other risks relating to the combination of separate businesses . Additional information concerning certain other risks and uncertainties that could cause actual results to differ materially from those projected or suggested, is contained in the Company's other press releases and filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or the Company upon request. The forward-looking statements contained herein represent the Company's judgment as of the date of this release, and the Company cautions readers not to place undue reliance on such statements.