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Harvard Reports Breed Announces It Will Pursue Internal Restructuring

2 October 2000

Harvard Industries Reports Breed Announces It Will Pursue Internal Restructuring

    LEBANON, N.J.--Sept. 29, 2000--Harvard Industries, Inc. (OTCBB-HAVA) reported that Breed Technologies, Inc. announced yesterday that it intends to pursue a stand-alone internal restructuring in connection with its pending bankruptcy proceeding, and that Breed will no longer be considering a sale to a third party. Harvard had previously been in discussions with Breed concerning a proposed acquisition by Harvard of Breed.
    Mr. Roger G. Pollazzi, Chairman and Chief Executive Officer of Harvard, stated: "We are disappointed with Breed's decision to pursue a stand-alone plan. We wish Breed's employees well in their endeavors".