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Top Source Announces Update On Progress of Sale

13 October 1998

Top Source Announces Update On Progress of the Sale of Automotive Subsidiary Assets


    PALM BEACH GARDENS, FL--Oct. 12, 1998--Top Source Technologies, Inc. (AMEX: TPS) announced today that the anticipated November 5th date for its Annual Meeting of stockholders, at which stockholders will be asked to approve the proposed sale of the Company's Top Source Automotive, Inc. subsidiary for $10,000,000, has changed. As a result of the Securities and Exchange Commission ("SEC") staff's comments to the Company's preliminary proxy solicitation material, the Company has refiled its proxy material. The Company expects that there are no material issues remaining and its preliminary solicitation material will be cleared shortly. The Company now expects the Annual Meeting to be held in mid-December in New York City. A public announcement of the exact meeting date and location will be forthcoming.
    Will Willis, Chairman and CEO stated, "The initial SEC review process of our preliminary proxy took longer than anticipated. We believe that we have made significant progress in addressing the SEC's legal and accounting issues, and hope to receive permission to distribute our proxy statement to shareholders by the end of this month. We want to assure our stockholders that the transaction is on course, albeit at a slower pace than we had expected. As a result, we will be rescheduling the Annual Meeting originally planned to be held on November 5, 1998. The meeting will be held at the earliest possible date, once we receive SEC clearance and allow sufficient time for mailing, notification and proxy solicitation. If SEC approval is received by the end of October, the meeting will be held no later than mid-December, 1998."
    Top Source Technologies, Inc. develops, assembles, and markets sophisticated technologies including the patented MotorCheckTM On-Site Analyzer, "an oil analysis mini-lab in a box," and proprietary Overhead Sound Systems.