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Bid for BREED to Create Largest Minority-owned Automotive Supplier

31 March 2000

Bid for BREED Technologies to Create World's Largest Minority-owned Automotive Supplier; Investor Group Discloses Elements of Business Plan For BREED Technologies

    LAKELAND, Fla.--March 30, 2000--The investor group proposal submitted to the Board of Directors of BREED Technologies (OTC: BDTTQ), last Friday will create the world's largest automotive minority business enterprise.
    BREED Technologies, currently operating under the protection of Chapter 11 of the United States Bankruptcy Code, is a first-tier supplier of automotive occupant safety systems to the world's leading automakers including, Daimler-Chrysler, Ford, Fiat, Toyota, General Motors and Isuzu.
    The investor group, led by Ernie Green, chairman and chief executive officer of Dayton, Ohio-based EGI and Johnnie Cordell Breed, current chairman and chief executive officer of BREED Technologies, disclosed their plan under which Mr. Green would be co-chairman and CEO of the firm with a holding of 50.1% stake in the new enterprise. The remainder of the company will be owned by a domestic and international group of investors, including Mrs. Breed. Further, Mrs. Breed will act as co-chairman and be responsible for global business development and diversification.
    Once the bid is accepted, the new firm will seek certification from The National Minority Supplier Development Council (NMSBC) as a Minority Business Enterprise. In the early 1990's, automakers announced their goal to source 5% of total purchasing from minority owned companies. Customers of BREED have enthusiastically responded to the Green\Breed plan.
    "For more than twenty-years I have worked in the auto industry and watched as minority owned businesses have endeavored to climb the ladder of success," said Mr. Green, "This new venture will allow us to jump a few rungs of the ladder and move minority business enterprises from low-tech to high-tech, from third tier to first tier. "
    According to Ernie Green, the bid is the only offer that would secure the long-term success of the company and assure stable, low-cost, high-quality sourcing of integrated safety systems to its customer-base worldwide. The BREED Technologies Board of Directors are to review the Green\Breed bid with the bank creditors group which includes Bank Of America, Fleet, Wachovia Bank and more than 30 other institutions, who will decide whether the plan for the minority led landmark venture will go forth.
    EGI, based in Dayton, OHIO, a certified minority business enterprise, has provided components to the automotive industry for 20 years. EGI has 1,200 employees at six facilities in Ohio, Kentucky and Florida.
    BREED Technologies, one of the world's most fully integrated suppliers of complete automotive occupant safety systems, has approximately 16,000 employees in 42 facilities around the world. In FY 1999, it is estimated that the company had $1.4 billion in revenues.