Veltri Metal Products, Inc. Files for Court Protection

TROY, Mich., Jan. 14, 2004 -- On January 13, 2004, Veltri Metal Products, Inc. filed a voluntary petition seeking relief under Chapter 11 in the United States Bankruptcy Court in Detroit, Michigan and its Canadian subsidiary, Veltri Metal Products Co., commenced a proceeding under the Companies' Creditors Arrangement Act ("CCAA") in the Ontario (Canada) Superior Court of Justice. Veltri is a leading Tier 1 supplier to the automotive industry. The company's major customers include DaimlerChrysler Corporation and General Motors Corporation. Veltri specializes in high quality, stamped metal components, complex modules and mechanical assemblies. The company, headquartered in Troy, Michigan, has approximately 1,500 employees.

Veltri's Chapter 11 and CCAA filings were necessitated by liquidity concerns, due to pressures that have affected the automotive industry generally and, specifically, its desire to sell its business.

Veltri continues to benefit from the support of its major customers, for which the company is continuing as a supplier. Veltri has reached an agreement for financing to provide the working capital necessary to continue to fund operations during Veltri's Chapter 11 case. Such secured financing is to be provided to Veltri by GMAC Commercial Finance, LLC.

Veltri expects the Court Cases to be of relatively brief duration. A sale of the company or substantially all of its assets is anticipated and would maximize the value of the business for Veltri's customers, vendors, employees and other affected parties.

Veltri Metal Products, Inc. is a leading full-service Tier One designer and manufacturer of high quality, stamped metal components and complex assemblies used by North American automotive vehicle manufacturers including DaimlerChrysler, General Motors Corporation, Ford Motor Company and other Tier One suppliers. The Company specializes in underbody/chassis and unexposed body structure assemblies for passenger cars, light trucks and full-size vans. Veltri's products include frame rail assemblies, inner quarter panels, rear ladder modules, cross member assemblies and trailer hitch assemblies. The Company and its management team are highly respected within the automotive industry for their expertise in supplying multi-component, complex stamping assemblies, an outstanding new program launch record and strong customer and employee relationships. The Company employs over 1,500 people at seven manufacturing facilities in the United States and Canada and is headquartered in Troy, Michigan.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results as a consequence of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Veltri Metal Products, Inc. operates, the company's leverage and limited access to capital, the restrictions imposed by terms of the company's indebtedness, the company's reliance on major customers and selected models, the company's platform concentration, vehicle manufacturing industry cyclicality and seasonality, competition, increasing customer requirements, a unionized workforce, foreign operations and environmental risks. There is no organized market for the company's common stock, and none is likely to develop.