Public Debt Completes Liquidation of U.S. Government's Holdings Of Uniroyal Technology Corporation Stock
FOR IMMEDIATE RELEASE
January 18, 2001
Treasury's Bureau of Public Debt has completed the orderly sale of the government's entire holding of 2.4 million common shares of Uniroyal Technology Corporation. The shares were sold in a series of market transactions over the past five months. The bureau first announced it was liquidating the U.S. Government's holdings on October 30, 2000.
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.