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ATEK METALS CENTER, INC. ANNOUNCES PLAN TO TAKE COMPANY PRIVATE

 CINCINNATI, Jan. 15 -- Atek Metals Center, Inc. (NASDAQ/NMS: ATKM) announced today the receipt of a proposal from its principal executive officers, which the board of directors has not acted upon, to take Atek private by merging it with a newly formed corporation controlled by them pursuant to which Atek's common shares, other than those owned by these officers and members of their families, would be converted into a right to received $3.00 per share. This proposal also provides that following the merger, the chairman of the board and members of his family, who own in the aggregate 840,825 shares of Atek's common stock, would exchange those shares and 2,000 shares of Atek's convertible preferred stock for all of the shares of Atek's wholly-owned subsidiary, Polymet Corporation.
 Atek presently has issued and outstanding 3,730,231 common shares of which 2,062,113 are owned by these executive officers and members of their families.
 Atek's board of directors has referred this proposal to a special committee consisting of three non-management members of the board for review and consideration.
 The consummation of the transactions described above is contingent upon a number of matters including, without limitation, the receipt of a report from the special committee recommending approval by Atek's board, the receipt of an opinion from an investment banker to the effect that the proposals from a financial point of view are fair to the public shareholders, approval of the transactions by Atek's board of directors, approval of the proposed merger by Atek's shareholders and the receipt of a private ruling letter from the Internal Revenue Service to the effect that the transactions will be tax-free to Atek and to these executive officers and members of their families.
 It is contemplated that if the conditions are met, the transactions should close in the latter part of July, 1993.
 Atek provides high-performance materials and manufacturing services worldwide to the aircraft engine segment of the aerospace industry and the petrochemical segment of the chemical process industry.
 -0- 1/15/93
 /CONTACT: Barry F. Bucher, president of Atek Metals Center, Inc., 513-874-3490/
 (ATKM)


CO: Atek Metals Center, Inc. ST: Ohio IN: MNG SU:

BM -- CL022 -- 5575 01/15/93 17:29 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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