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Peregrine Incorporated Hires Investment Banker

16 March 1999

Peregrine Incorporated Hires Investment Banker

    SOUTHFIELD, Mich., March 15 --  Peregrine Incorporated today
announced it has reached another milestone in its turnaround process that will
make possible the successful sale of the company to a strategic buyer.  Chief
Executive Officer James J. Bonsall said the company has hired investment
banker BT Alex.  Brown to explore opportunities for sale of the company to
prospective buyers within the automotive industry.
    Bonsall said the company's recently completed turnaround, strengthened
operations and stable employee base have positioned it well to compete as a
Tier 1 supplier attractive to prospective buyers.
    "We've strengthened the business from the foundation up," Bonsall said.
"This is now a business that can contribute to the operations and profits of a
strategic buyer."
    Late last year, Peregrine announced it had successfully reached a
settlement with its unsecured creditors on debt that had been outstanding at
the time of its purchase by Peregrine Acquisition Inc. in May.  The company
has since closed its Flint operations, is completing the windup and closure of
its Livonia operations, obtained a letter of agreement to sell the Livonia
facility, and is completing negotiations for the sale of its Windsor, Ont.
plant, which is expected to be completed by the end of the first quarter.
    Peregrine now is a $420 million company with more than 2,200 employees and
is generating a favorable return on sales.  It is focused on its OEM customer
-- primarily General Motors -- and a mix of 15 Tier 1 suppliers in North
America.  Facilities include a plant in Oshawa, Ont., three in Warren,
including a prototype shop, and a plant in Battle Creek.
    Product lines include stamped mechanisms, window regulators, brake pedal
modules, instrument panels, assemblies, stamped parts and fascias.
    Bonsall also said that last week's three-day auction of assets in the
Flint and Livonia facilities was successful and met the company's
expectations.