Public Debt To Liquidate U.S. Government Holdings Of Uniroyal Technology Corporation Stock
FOR IMMEDIATE RELEASE
October 30, 2000
Treasury's Bureau of the Public Debt is liquidating government holdings of some 2.4 million common shares of Uniroyal Technology Corporation. The shares were issued to the United States Government in settlement of Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) claims. These shares represent less than 10 percent of the outstanding stock in the company. Public Debt intends to sell the stock in increments over the coming months to minimize the impact on the market. As of October 27, 2000, Public Debt has sold some 262,900 shares.
The U.S. Environmental Protection Agency acquired 2,363,336 shares subsequent to a Chapter 11 bankruptcy reorganization of the company's corporate predecessors in 1992. The shares were issued as a result of a series of settlements resolving EPA's CERCLA claims against the predecessors. The Secretary of the Treasury is authorized by 31 U.S.C.§324, to dispose of obligations acquired by the Secretary on behalf of the Federal government. The Bureau of the Public Debt, as the Secretary's designee, is responsible for these sales.
Uniroyal Technology Corporation develops, manufactures and sells a broad range of materials employing compound semi-conductor technologies, plastics and specialty chemicals. The company's stock trades on the NASDAQ under the symbol UTCI.