EXHIBIT 99
NEWS BULLETIN
FROM:
907 WEST FIFTH STREET
[DT INDUSTRIES LOGO] DAYTON, OH 45407
FOR FURTHER INFORMATION:
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD
JOHN M. CASPER LISA FORTUNA
CHIEF FINANCIAL OFFICER LFORTUNA@FINANCIALRELATIONSBOARD.COM
(937) 586-5600 (312) 266-7800
|
FOR IMMEDIATE RELEASE
MAY 13, 2004
DT INDUSTRIES ANNOUNCES BANKRUPTCY FILING AND
AGREEMENT REACHED FOR THE SALE OF SIGNIFICANT ASSETS
DAYTON, OH, MAY 13, 2004 -- DT INDUSTRIES, INC. (NASDAQ: DTII), an
engineering-driven designer, manufacturer and integrator of automated systems
and related equipment used to manufacture, assemble, test or package industrial
and consumer products, today announced that it, together with its domestic
subsidiaries, filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Ohio - Western Division. The Company has obtained a
debtor-in-possession financing facility structured to provide it with the
financing, subject to approval of the bankruptcy court, to operate its business
during the course of the bankruptcy proceedings.
The Company also announced that it has entered into an asset purchase agreement
to sell substantially all of the assets of its Detroit Tool and Engineering
Company, Assembly Technology & Test, Inc. and Advanced Assembly Automation, Inc.
subsidiaries, and all of the issued and outstanding capital stock of its DT
Assembly & Test Europe GmbH subsidiary in Neuwied, Germany, to Assembly and Test
Worldwide, Inc. in a transaction to be consummated pursuant to an auction
process under the United States Bankruptcy Code. Assembly and Test Worldwide,
Inc. is owned by Thompson Street Capital Partners L.P. and certain current and
former members of management of the subsidiaries being sold. Excluded from the
transaction are the assets of the Company's Assembly & Test Europe Limited
subsidiary in Buckingham, U.K., which will continue to operate outside of the
bankruptcy proceedings. The consummation of the transaction is subject to the
satisfaction of certain closing
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DT INDUSTRIES, INC.
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conditions, including the entry of an order approving the transaction by the
bankruptcy court.
"With today's filing, we are progressing on a difficult but necessary path to
address our financial situation," said Steve Perkins, CEO of the Company. "We
believe that, under the circumstances, this filing was the best course of action
for DT Industries and will enable us to preserve jobs for our employees and the
remaining value of our operating businesses."
If the transaction contemplated by the asset purchase agreement is consummated,
the Company will use the net proceeds from the transaction to repay its
debtor-in-possession financing and a portion of the outstanding indebtedness
under its senior credit facility. The Company will attempt to sell the assets
that will remain in the bankruptcy estate following consummation of the
transaction. The Company does not expect proceeds from these asset sales to be
available for distribution to any remaining unsecured creditors or common stock
holders.
The Company also announced that it received notice from the NASDAQ National
Market that it is not in compliance with certain continued listing requirements,
including the minimum bid price and market capitalization requirements. The
Company believes that its common stock will be delisted from the NASDAQ National
Market within the next week as a result of its noncompliance with these listing
standards and its petition for bankruptcy relief.
Certain information contained in this press release includes forward-looking
statements made pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended. These statements, comprising all
statements herein which are not historical, reflect the Company's current
expectations about the amount and use of proceeds from the sale transaction and
liquidation of remaining assets and the listing of its common stock on the
NASDAQ National Market, and are based upon information currently available to
the Company and its interpretation of what it believes to be significant factors
affecting its businesses, including many assumptions regarding future events.
References to the word "believes," "anticipates," "expect" and "will" and
similar expressions used herein indicate such forward-looking statements. Actual
events could differ materially from those expressed in, or implied by, these
forward-looking statements as a result of various risks, uncertainties and other
factors, including the outcome of the Company's bankruptcy proceedings and the
related auction process, the ability of the Company to consummate the proposed
sale transaction and the sale of its remaining assets and to liquidate in an
orderly fashion, and the delisting of the Company's common stock from the NASDAQ
National Market.