BAT Corporate Raiders Back Off
2 December 1999
BAT Corporate Raiders Back Off
SAN DIEGO--Dec. 2, 1999--BAT International (BAAT: OTC) announced today that its adversary group (corporate raiders) that have disrupted company operations has backed-off from its assault on BAT International.In early November 1999, BAT International announced that it was fighting against an attack by "corporate raiders" who were trying to seize corporate assets (see press release dated November 2, 1999). The company also stated in that release that it was taking its own aggressive legal action and other measures to curtail this assault.
Recently, BAT International acquired information that the course of the action taken to defend itself has been effective in discouraging the "would-be" corporate raiders from continuing their attacks on the company.
While the siege was in progress, BAT International management asked stockholders to support the company by contributing $20 to the BAT International legal defense fund. The company has approximately 14,000 shareholders and had contacted about 1,000 of them for contribution before deciding that it might not need any financial assistance to stop the attempted takeover of the company.
BAT International has been able to finance its own legal expenditures. Therefore, the company is announcing that it is returning all of the contribution checks to their respective donors.
Contributions from stockholders ranged from $20 to $250. An analysis of the contributions revealed that within a very short period of time, 4% of the company's stockholders who were contacted subsequently made contributions to the legal defense fund. In addition, 32% of the contributions were greater than the minimum amount request by the company.
BAT International wishes to thank its stockholders for this strong showing of support. Along with the return of their checks, the company will also send a free bottle of its SuperBAT TVT engine treatment. "I am personally paying for this token of our appreciation," said Mr. Joe LaStella, president and CEO of BAT International. "The company will not incur any expense for this gift to the contributors."
Mr. LaStella also stated that, "As an additional service to our stockholders, on December 10th, 1999, we will be adding to our web site a checklist of 50 items that everyone in the United States and the world should do before 12 AM, January 1, 2000, the beginning of the Y2K computer problem. Although many people believe that Y2K problems will not affect their lives, this is a considerable gamble they really should not be taking. Even the federal government is asking everyone to do at least some preparation and the Red Cross is asking that everyone have complete emergency supplies, including sources of heat, food, water, light and so forth, for one entire week."
Those interested in learning more about how to correctly prepare for the Y2K are asked to visit the BAT International web site on December 10th. The list and a much longer, more comprehensive emergency preparedness guide, were prepared for BAT International by First Millennium, Inc., a publishing and e-commerce startup, which will also be announcing its new web site, www.firstmillennium.com, on December 10th.
BAT International is a publicly traded over-the-counter company. Stock quotes for BAT International can be obtained from www.stockmaster.com, www.bloomberg.com and www.aol.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 years include electric vehicles, composite chassis, super-efficient or high power IC engines, electric bicycles, 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, www.superbat.com and www.baat.com/pulsecharge/index.html and other sources for recent and detailed company information on BAT International and its subsidiaries, or call Investor Relations at (619) 409-8977.