BREED Technologies, Inc. Announces Appointment of Development Specialists, Inc.

23 August 1999

BREED Technologies, Inc. Announces Appointment of Development Specialists, Inc.

    LAKELAND, Fla.--Aug. 20, 1999--BREED Technologies, Inc. ("BREED") , one of the world's largest occupant restraints suppliers, today announced that it has retained Development Specialists, Inc. ("DSI") as its financial consulting and management specialist. DSI, with offices in Chicago, Miami, Los Angeles, Boston and London, provides financial management and restructuring services to underperforming and reorganizing companies.
    In connection with this appointment, BREED announced that the acting Chief Financial Officer will be Patrick J. O'Malley and that the Acting Treasurer will be William G. King, replacing Michael Feder and Thomas Kirk, respectively, of Jay Alix & Associates. BREED and Jay Alix mutually ended their relationship on an amicable basis and with the approval of BREED's lenders.
    O'Malley, began his career with Price Waterhouse as an audit manager and most recently served as the Acting Chief Financial Officer of Mercury Finance Company, a sub-prime specialty finance company which emerged from Chapter 11 Reorganization in March, 1999. King joined DSI from American Bankers Insurance Group. Prior to that he was with Price Waterhouse as Manager of its Dispute Analysis and Corporate Recovery Group.