Metex Announces Labor Settlement

24 March 1999

Metex Announces Labor Settlement

    GREAT NECK, N.Y.--March 23, 1999--Metex Mfg. Corporation, a wholly owned subsidiary of United Capital Corp. (ASE:AFP), announced that effective March 19, 1999, Metex and the Teamsters Union reached settlement on a contract that ended the four day old strike at Metex' Technical Products Division and its AFP Transformers subsidiary. The contract, which extends for five years until March 2004, was overwhelmingly ratified in a union vote on March 21, 1999. While Metex has not yet quantified the impact of the strike, it does not believe that the labor walkout had a significant impact on its results of operations or cash flows.
    Certain of the statements in this press release are not historical facts and are "forward-looking statements" that involve risks and uncertainties, including general economic conditions, competition, potential technological changes, and potential changes in customer spending and competition and purchasing policies and practices. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved including the financial impact of this transaction.
    United Capital Corp. owns and manages real estate, and through subsidiaries, provides engineered products to industrial and automotive markets worldwide.