BAT International Announces It Is Fighting an Attack By Corporate Raiders
3 November 1999
BAT International Announces It Is Fighting an Attack By Corporate Raiders
SAN DIEGO--Nov. 2, 1999--BAT International (OTC:BAAT) announced today that it has been fighting against an attack by corporate raiders.The company stated that it is under attack by corporate raiders because the price of BAT International's stock is selling at an eight year low.
According to the company, investment professionals have surmised that the raiders incentive for attacking BAT International is that the company's equity positions in its subsidiaries, which have demonstrated valuable technologies, is collectively worth more than BAT International itself if its subsidiary equities were sold off separately. This is a typical corporate raider scenario aimed directly at control of corporate assets and shareholder equity.
The company said that an attorney and a small group of stockholders, who own less than one percent of BAT International, have initiated the assault on BAT International. If their attack is successful, this group could conceivably gain possession of BAT International assets and quickly dispose of them for themselves. This would give the raiders a huge windfall profit. In effect, over 13,000 active, loyal BAT International stockholders would be deprived of their assets.
In order to temporarily thwart this assault, BAT International management said it acted quickly to redirect most of the company's resources BAT International entered into a proactive, defensive mode in August. The company, which is a prolific public information disseminator, said it temporarily limited some public information distribution to the media because there was significant evidence that new information about BAT International's technological progress was giving the corporate raiders new portals to expand their attack. For example, a variety of false accusations were being disseminated to BAT International contractors, investors, customers, and even contract employees by these corporate raiders in order to disrupt operations, cause confusion and weaken the company's ability to defend itself.
While it was dealing with assaults on the company, BAT International said it did some things that seemed unusual including moving corporate offices from Chula Vista, California. The company said that telephone and other information systems were interrupted because of this move, all of which were caused, directly or indirectly, by corporate raiders intensely attacking the company during the past several months.
During this quiet period, BAT International said it has reorganized its resources and gained information and sufficient initial strength to begin to aggressively pursue offensive litigation. According to BAT International, company stockholders have been materially hurt by this subversive attack and BAT International intends to aggressively fight back with litigation.
BAT International said it still maintains its strong equity base and intends to use a small portion of that equity to pay for litigation. The company said it has fought many successful battles in the past regarding the development and introduction of advanced alternative transportation technologies.
For those who are not familiar with BAT International's past activities, the following is a review the company has provided according to Joe LaStella, president of BAT International:
BAT International In Perspective
BAT International is a world-class think tank that includes many highly respected engineers and scientists who have volunteered their expertise to help make planet Earth a better place to live. These people have played a very important role in helping the company develop breakthrough technologies and establishing new laws to preserve and enhance the world's environment.
BAT International is also an internationally known company that is recognized for its ability to fight against great odds to help improve the environment. Among its many challenges, the company has fought battles for government adoption of electric vehicles, enactment of laws for use of clean fuels, and the design and development of the highest efficiency internal combustion engines. These battles were fought on the front pages of every major newspaper in the U.S. including USA Today and the Washington Post. Over 500 newspaper and magazine articles have covered the history of BAT International and its innovative technologies. Television news media have frequently covered the company's project demonstrations on many networks, including stories on CNN Headline News and a two-part special on "Cover Story" on NBC News.
In one month, BAT International received 340,000 hits on its corporate web site from users seeking information in 50 countries around the world.
BAT International's accomplishments extend to state and national levels. Governor Levitt of Utah once drove BAT International's electric car with Joe LaStella, President of BAT International, as a passenger. After the Governor's enthusiastic test drive during Utah's first Zero Emission Day, the Governor awarded BAT International and Mr. LaStella with a commemorative plaque in honor or the company's significant technological achievements. These achievements have also included world records set by BAT International alternative fuel vehicles which were covered by all major television and print news media.
At the Federal Government level, U.S. Senator Bennett and U.S. Senator Hatch have defended and supported BAT International's goals. Senator Feinstein presented BAT International and Mr. LaStella with commendation awards. Mr. LaStella was also selected as a candidate for "Entrepreneur of the Year" by Merrill Lynch in 1998. Many senators, congressmen and mayors have also helped support BAT International's environmental programs.
Over the years, BAT International has won many environmental and political battles because it has a very large and highly supportive national network of environmentally concerned investors and professionals. Of course, the company also has some adversaries as a result of the firm stance the company has had to take to pursue its mission.
In summary, BAT International's strong equity position is the result of technologies that have been developed over the past eight years. News about the company's engineering achievements has been disseminated worldwide by national and international media. Now the company's equity is being threatened by unscrupulous individuals who might succeed in depriving BAT International and its stockholders of their equity.
BAT International needs support from its stockholders to continue to pursue aggressive litigation against these corporate raiders and protect investor equity. The company is asking all shareholders and other supporters to make a minimum contribution (gift) of twenty dollars to the BAT International Legal Defense Fund. BAT International has 13,000 + active, loyal stockholders who collectively represent a very formidable force to fight off this attack. The company will use every contribution for legal purposes and, in appreciation for timely support, will send each contributor a complementary bottle of the company's outstanding lubricant additive, SuperBAT TVT metal treatment additive for their vehicles. Please refer to the SuperBAT TVT web site at www.superbat.com for additional product information.
BAT International stockholders and other supporters are asked to send contributions to: BAT International Legal Defense Fund, 858 3rd Ave., Suite 455, Chula Vista, CA 91911-1305. All inquiries that desire a personal response should send email to joelastella@earthlink.net.
During the next three weeks, BAT International will be releasing new information about exciting company developments, reorganization of company divisions, and a complete redesign of the company's flagship web site, www.baat.com, in order to provide stockholders with up-to-date information.
BAT International is a publicly traded over-the-counter company. Stock quotes for BAT International can be obtained from www.aol.com, www.stockmaster.com and www.bloomberg.com. BAT International is organized as a holding company with major ownership in subsidiary companies that are commercializing advanced automotive and energy technology products developed by BAT International. Technologies developed over the last 8 years include electric vehicles, composite chassis, super-efficient or high power IC engines, electric bicycles and scooters, advanced batteries, lubricant additives, and electric power generation.
This press release contains forward-looking statements that should not be used to make an investment decision. Please refer to the web sites (www.baat.com, www.electrobike.com and www.superbat.com) and other sources for recent and detailed company information on BAT International and its subsidiaries, or call Investor Relations at 619/409-8977.