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UNIQUE MOBILITY ANNOUNCES DEBT CONVERSION

 GOLDEN, Colo., Feb. 23 /PRNewswire/ -- Unique Mobility Inc. (AMEX: UQM.EC) announced today the conversion of $1.2 million of 8 percent secured convertible term notes held by affiliates of Advent International Corp. (Boston) and Techno-Venture U.S.A. Ltd. (Tokyo) ("The Advent Group") into 666,666 shares of the company's $0.01 par value common stock.
 Coincident to the transaction, the company amended the terms of warrant agreements with The Advent Group to reduce the period the warrants are available for exercise from seven years to five years and to permit the cashless exercise of the warrants into common stock based on the spread between the market price of the stock on the date of exercise and the $2.40 per share exercise price of the warrants. Based upon the closing market price of the company's common stock on Feb. 22, 1993, the number of shares which would be issuable upon the cashless exercise of the warrants would be 509,111 shares as compared to 790,000 shares at $2.40 per share if the warrants were exercised on a cash payment basis.
 Ray A. Geddes, chairman and chief executive officer, said, "The Advent Group conversion further strengthens our relationship with ABB Asea Brown Boveri Ltd. (Zurich) a funder of The Advent Group, and Bayerische Motorern Werke A.G. (Munich), for whom we have been developing an advanced electric vehicle traction drive system.
 "The company's financial position has been enhanced by the elimination of all long-term debt, other than mortgage obligations, as a result of this transaction. The additional financial resources which have been made available will be applied to the accelerated development, production, and marketing of traction drive systems for the emerging electric vehicle market," Geddes said.
 According to Dennis R. Costello, senior vice president of Advent International, "The company has made substantial advances in the development of both its technology and its business relationships in the last year. Therefore, Advent prefers to be in the position of a voting shareholder rather than a debt holder. This conversion further highlights our continuing confidence in Unique's future business prospects and current management."
 Advent International Corp. is a venture capital company funded by institutional and various industrial organizations including ABB Asea Brown Boveri Ltd. (Zurich), Nippon Steel Corp. (Tokyo), and Aluminum Company of America (Pittsburgh), amongst others.
 Unique is a Golden-based engineering concern and manufacturer of high-efficiency and high-power permanent magnet motors and electronic controls for automotive, aerospace, and general industrial applications. Unique's stock trades on the Emerging Comanpy Marketplace of the American Stock Exchange.
 -0- 2/23/93
 /CONTACT: Ray A. Geddes, chairman and CEO, or Donald A. French, treasurer, of Unique Mobility, 303-278-2002, or (fax) 303-278-7007/
 (UQM.EC)


CO: Unique Mobility Inc.; Advent International Corp.; Techno-Venture
 U.S.A. Ltd. ST: Colorado IN: CPR SU:


JB-LS -- DV001 -- 9274 02/23/93 09:05 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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