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Peregrine Inc. Continues Turnaround With Sale of Windsor Plant to Lear

2 April 1999

Peregrine Incorporated Continues Turnaround With Sale of Windsor Plant to Lear

    SOUTHFIELD, Mich., April 1 -- Peregrine Incorporated today
reached another milestone in its turnaround process by completing the sale of
its Windsor facility to Lear Corporation .  The sale, completed
today, is the latest in a string of accomplishments by Peregrine as it works
to complete the operational and financial turnaround process begun last summer
when the company was purchased by Jay Alix-led Peregrine Acquisition, Inc.
    Alix is the founding principal of Jay Alix & Associates, a leading
corporate turnaround and interim management firm, and is managing principal
and general partner of Questor Partners Funds, which purchase and turn around
underperforming and "special situation" companies.
    Peregrine in the last few months has:
    *  Reached a settlement approved by 95 percent of its creditors for
       repayment of debt outstanding at the time of the company's purchase
       last spring;
    *  Closed its Flint plant;
    *  Worked on completing windup and closure of its Livonia plant;
    *  Auctioned off assets from the Flint and Livonia plants;
    *  Announced the hiring of an investment banker to investigate
       opportunities for the sale of the company to a strategic buyer within
       the automotive industry.

    "We're pleased we were able to complete the sale of the Windsor facility
by the end of the first quarter, as we had anticipated," said Peregrine Chief
Executive Officer James J. Bonsall.  "Indeed, we're proud that we've been able
to move at or ahead of schedule throughout the entire turnaround process,
since that has helped minimize disruption to our customers and suppliers and
provide security for our employees."
    Peregrine is a Southfield, Michigan-based company with sales of $420
million and with more than 2,200 employees at manufacturing sites in Battle
Creek, Oshawa, Ont., and three in Warren.
    Product lines include stamped mechanisms, window regulators, brake pedal
modules, instrument panels, assemblies, stamped parts and fascias.