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BREED Seeks Court Approval to Hire Senior Executive

10 May 2000

BREED Seeks Court Approval to Hire Senior Executive

    LAKELAND, Fla.--May 10, 2000--BREED Technologies, Inc. ("BREED") (OTC:BDTTQ), has announced that it has filed a motion with the U.S. Bankruptcy Court for the District of Delaware seeking authorization to enter into a three year employment agreement with current BREED Board member, John Riess. The motion notes that a Special Evaluation Committee of the Board is in the final stages of evaluating exit strategies for the company, which include two offers for the sale of the business and a separate "stand alone" plan under which BREED would emerge from its pending chapter 11 bankruptcy case under the ownership of its pre-petition lenders. The motion goes on to state that, "John Riess, an independent member of BREED's Board of Directors, has extensive experience in (the automotive) industry and is uniquely qualified to serve as a senior executive of BREED." Mr. Riess will not hold any particular title within BREED, but rather, will serve at the discretion of the company's Board of Directors.
    From 1966 through February of 1999, Mr. Riess held various management and executive positions with the Gates Rubber Company, culminating his service as Chairman and Chief Executive Officer of Gates from February of 1997 through February of 1999. He was elected to the BREED Board of Directors in October, 1999.