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JPE Sells Industrial & Automotive Fasteners

30 March 1999

JPE Sells Industrial & Automotive Fasteners

    ANN ARBOR, Mich.--(AutomotiveWire)--March 29, 1999--JPE Inc. (OTC BB:JPEI) announced today that it had completed its sale of its former subsidiary, Industrial & Automotive Fasteners, Inc., to a subsidiary of MacLean-Fogg Co. of Mundelein, Ill., as outlined in JPE's press release of February 17.
    All proceeds of the sale were used to reduce JPE's outstanding indebtedness to its bank group.
    "This sale is in keeping with JPE's vision of streamlining and targeting its core businesses. It will continue to be our objective to maintain a mission driven enterprise that will give our employees a sense of fulfillment while being profitable and viable," said Richard Chrysler, JPE's president and CEO.
    The statements contained in this press release are "forward looking statements" within the meaning of the Securities Exchange Act of 1934 and are subject to a number of risks and uncertainties and various other factors discussed in the company's annual and quarterly reports filed with the Securities and Exchange Commission.