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VOPLEX CORPORATION AND SUBSIDIARY ENTER INTO STOCK PURCHASE AGREEMENT AND FILE CHAPTER 11

VOPLEX CORPORATION AND SUBSIDIARY ENTER INTO STOCK PURCHASE AGREEMENT
 AND FILE CHAPTER 11
 TROY, Mich., Dec. 4 /PRNewswire/ -- VOPLEX Corporation (AMEX: VOT) and its wholly owned subsidiary, Lapeer Fabricators, Inc., filed Chapter 11 petitions today in the United States Bankruptcy Court for the Eastern District of Michigan, Southern Division. VOPLEX is headquartered in Troy, and operates plants in Lapeer and Vassar, Mich., as well as in Canandaigua and Rochester, N.Y. VOPLEX employs approximately 900 persons. VOPLEX is a publicly traded automotive plastic interior trim supplier. On Nov. 15, 1991, VOPLEX announced a third-quarter loss of $3,538,963 on sales of $14,069,233. Through the third quarter of 1991, sales totaled $37,732,070 with a net loss of $8,664,693.
 Joseph W. Bauer, president and chief executive officer of VOPLEX, described the filing as an important step in the company's financial and operational reorganization. To speed the availability of raw materials to its facilities, Bauer announced that VOPLEX had reached an agreement with its lender, Central Trust Company, Rochester, N.Y., to maintain its existing line of credit during the reorganization. Bauer added that VOPLEX is in the final stages of negotiating an additional line of credit with another financial institution which would substantially increase VOPLEX's liquidity.
 Bauer stated that he had received strong indications of support from VOPLEX's largest automotive customers and that VOPLEX and Lapeer Fabricators currently project increased sales levels for 1992 over 1991.
 Bauer also announced today that VOPLEX executed an agreement with Julie Brown to acquire a 55-percent common stock interest in VOPLEX. Brown is recognized as a leading minority supplier in the automotive industry and has successfully "turned around" two struggling automotive suppliers.
 To date, Brown, without compensation, has played a material role in maintaining VOPLEX's business with major automotive customers. In addition to her prior services, Brown has agreed to provide two additional years of uncompensated services plus $100,000 in exchange for her controlling stake. While the consummation of the Stock Purchase Agreement is subject to certain conditions and approvals, Bauer believes that "minority status" should substantially assist VOPLEX in preserving current business and creating opportunities for future business. In this regard, Bauer stated that Brown recognizes the underlying strength of VOPLEX and that it is well positioned to benefit from the economy when it strengthens.
 VOPLEX does not fully meet all of the American Stock Exchange financial guidelines for continued listing and there can be no assurance that the listing will be continued. However, the Exchange has advised that trading will be resumed pending further evaluation of listing eligibility.
 -0- 12/4/91
 /CONTACT: Arnold H. Dratt of VOPLEX Corporation, 313-597-6347/
 (VOT) CO: VOPLEX Corporation; Lapeer Fabricators, Inc. ST: Michigan IN: AUT SU: BCY RCN


JG-SM -- DE031 -- 9296 12/04/91 14:48 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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