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 WAYNE, Pa., Oct. 26 /PRNewswire/ -- American Film Technologies Inc. (NASDAQ: AFTIQ) has announced that Gerald M. Wetzler was elected chairman of the board of directors and chief executive officer and Frank Suozzi and Lee Wiesel were elected as directors. They replaced Patrick J. Brennan, Kenneth Moller, G. Jay Johnson and J. Bell Moran who resigned from the board of directors. Three of the company's directors continue to serve as directors.
 The changes in the composition of the company's board were at the request of Wetzler under the terms of his stock purchase agreement with the company, which gives him the right to elect a majority of the board.
 Wetzler has exercised his rights pursuant to the stock purchase agreement to convert Series A preferred stock into common stock and is now the majority shareholder in the company. Wetzler has been a private investor since 1975. He received his juris doctor from Columbia Law School in 1962 and a master of laws from Harvard Law School in 1967. From 1962 through 1966, he practiced law at Cahill, Gordon & Reindel. Subsequently, he worked in the corporate finance department of Lehman Brothers for five years and served as general counsel for Baker Industries Corp.
 Suozzi has spent 25 years of experience in finance and operations for Fortune 500 companies. He was vice president and treasurer of Avco Corp. and vice president of corporate finance with Ferris, Baker, Walts and Gruntal & Co. He is managing director, corporate acquisitions/ financings for First Intercontinental Group.
 Wiesel has more than 25 years of experience in the start-up and financing of new business ventures. A graduate of Yale Law School, Wiesel has been executive vice president and co-owner of Arlington Corp. Currently, he is a private investor.
 Steven W. Lefkowitz has also been nominated by the board to serve as a director. His election will be effective upon delivery of appropriate notices to the company's shareholders. Lefkowitz is the founder and president of Wade Capital Corp., a privately held investment firm organized in 1990. Prior to forming Wade Capital Corp., Lefkowitz was vice president of corporate finance for Drexel Burnham Lambert Inc. where he was employed from 1985 to 1990. Lefkowitz serves on the boards of directors of Brigham's Inc., a manufacturer of ice cream and related products, Globe Building Materials Inc., a manufacturer of asphalt shingles and rolled products, and Sarvis Inc., a military sales organization.
 In addition, the company announced that Stefan Dietrich and Joseph Mazucca have resigned as chief financial officer/vice president and vice president/production, respectively. Wiesel was elected as executive vice president and secretary. The company expects to name a new chief financial officer shortly. Arthur Hartel continues to serve as a director and president of the company and Robert Glaser and Ralph Lomma remain directors of the company.
 The company also announced that it has experienced a strike by employees of its Mexican subsidiary. The company is currently negotiating with its employees to resolve the situation but cannot state with certainty whether it will be able to reach a satisfactory accord with its Mexican employees which will enable it to continue to operate its Mexican subsidiary.
 In addition, the company is currently engaged in preliminary discussions with third parties regarding the sale of its film library. At this time, the company is unable to state whether any of the negotiations will result in an agreement.
 American Film Technologies Inc. has offices in Philadelphia and New York and production facilities in San Diego and Tijuana. The company is the dominant supplier of film coloring services to the motion picture and television industry.
 -0- 10/26/93
 /CONTACT: Arthur P. Hartel Jr. of American Film Technologies, 215-688-1322/

CO: American Film Technologies Inc. ST: Pennsylvania IN: ENT SU: PER

NY-JL -- LA020 -- 6716 10/26/93 08:33 EDT
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Publication:PR Newswire
Date:Oct 26, 1993

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