Transportation Technologies Receives Consents in Tender Offers

17 February 2000

Transportation Technologies Receives Necessary Consents in Tender Offers and Consent Solicitations for Its 11 3/4% Senior Subordinated Notes

    CHICAGO--Feb. 17, 2000--Transportation Technologies Industries, Inc. announced today that it has received the requisite consents to certain amendments to the indentures relating to its 11 3/4% Senior Subordinated Notes due 2005 and its 11 3/4% Series C Senior Subordinated Notes due 2005.
    Consents to these amendments were solicited by the Company pursuant to offers to purchase and consent solicitations commenced on February 3, 2000.
    As a result, the Consent Date (as defined in the Offers to Purchase and Consent Solicitations Statement) with respect to the notes will be 5:00 p.m., New York City time, on Thursday, February 17, 2000. Holders of notes who wish to receive the consent payment of $25 per $1,000 principal amount upon consummation of the tender offers must tender their notes and related consents to First Union National Bank, as Depositary, at or prior to 5:00 p.m., New York City time, on February 17, 2000.
    The tender offers and consent solicitations, which are currently scheduled to expire at 12:00 midnight, New York City time, on Friday, March 3, 2000, are being conducted in connection with the acquisition of the Company by Transportation Acquisition I Corp., a corporation formed by an investor group including members of senior management of the Company. Consummation of the tender offers and payment of the consent payments are subject to certain conditions which are set forth in the Offers to Purchase and Consent Solicitations Statement dated February 3, 2000.
    This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes. The tender offer is made only by the Offers to Purchase and Consent Solicitations Statement dated February 3, 2000. Additional information concerning the terms of the tender offers and consent solicitations and copies of Offers to Purchase and Consent Solicitations Statement may be obtained from MacKenzie Partners, Inc., the Information Agent for the consent solicitations and offers to purchase, at (212) 929-5500 (call collect) or (800) 322-2885, or from CIBC World Markets at (212) 885-4597 or (800) 274-2746 or First Union Securities at (704) 383-1114 or (800) 528-4580, the Dealer Managers for the consent solicitations and offers to purchase.
    Transportation Technologies Industries, Inc. is a Delaware corporation with its principal executive offices located at 980 N. Michigan Avenue, Suite 1000, Chicago, Illinois, 60611. The Company is a leading manufacturer of components for heavy-duty and medium-duty trucks and buses and the trucks parts aftermarket. The Company's product lines include Gunite wheel-end components, Brillion custom iron castings, Imperial body and chassis components, Bostrom truck and bus seating systems and Fabco steerable drive axles and gearboxes. The Company has manufacturing operations in Alabama, California, Illinois, Indiana, Pennsylvania, Tennessee, Texas, Virginia, Washington and Wisconsin.