USTMAN Technologies Announces Proposed Sale to Veeder-Root.Business Editors LAKEWOOD, Colo.--(BUSINESS WIRE)--June 6, 2000 USTMAN Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :USTX) announced today that it signed a letter of intent with Veeder-Root Company to sell substantially all of its assets to Veeder-Root for $17.35M in cash. USTMAN presently intends on using the proceeds from the sale to re-pay indebtedness, pay transaction expenses, and partially pay the liquidation preference of its Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . As a consequence, it is not presently anticipated that there will be any funds available for distribution to common stockholders. USTMAN Technologies, headquartered in Lakewood, Colo., is a provider of compliance information for underground storage tanks, servicing more than 76,000 such tanks through the application of the statistical inventory reconciliation (SIR) process. SIR is the leading method of detecting leaks in managing fuel inventory held in storage tanks. Veeder-Root, headquartered in Simsbury, Conn., is a leading supplier of fuel management solutions and monitors over 500,000 petroleum underground storage tanks at retail stations around the world. Veeder-Root is a wholly-owned subsidiary of Danaher Corporation The Danaher Corporation NYSE: DHR, is a large global company headquartered in Washington, D.C., United States. Its products are concentrated in the fields of design, manufacture, and marketing of industrial and consumer products. (NYSE NYSE See: New York Stock Exchange :DHR DHR De Heer (Dutch: Mister) DHR Department of Human Resources DHR Department of Historic Resources (Virginia) DHR Dihydrorhodamine DHR Device History Record DHR Director of Human Resources ), a leading manufacturer of Process/Environmental Controls and Tools and Components. The sale to Veeder-Root is subject to the entering into of a definitive acquisition agreement and obtaining all necessary board, stockholder and regulatory approvals. |
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