Titan Announces Appointment of New Directors to Board, Formation of Restructuring Committee
31 January 2001
Titan Announces Appointment of New Directors to Board, Formation of Restructuring Committee
PHOENIX, Jan. 31 Titan Motorcycle Co. of America
(OTC Bulletin Board: TMOTQ) announced today that, at a meeting of the board of
directors held on January 18, 2001, it appointed two new members to the board:
Jock Patton and Daniel Diethelm. Both Patton and Diethelm have extensive
experience and have enjoyed exceptional success in guiding companies through
the Chapter 11 process. In recognition of their unique qualifications,
Titan's board of directors approved the formation of a three-member
restructuring committee, comprised of Messrs. Patton and Diethelm, and Harry
Eastlick, another non-management member of the board. The restructuring
committee is charged with the responsibility of managing Titan's course
through Chapter 11 reorganization and pursuing initiatives specific to
facilitating an effective restructuring.
For 20 years, Jock Patton was the chair of the Corporate Securities
Practice Group for the law firm of Streich Lang (Phoenix). Since then, he has
served on the boards of directors for several major companies undergoing
restructurings in the United States, including the Baptist Foundation of
Arizona (the largest nonprofit Chapter 11 proceeding in U.S. history),
National Airlines, Inc., Stuart Entertainment, Inc., and Unison HealthCare
Corporation. Patton is also a member of the board of trustees for the ING
Pilgrim family of funds and is a director of Hypercom Corporation, and JDA
Software Group, Inc.
Daniel Diethelm currently serves as a member of the board of directors for
Buick of Scottsdale, Sudan Funding, and Arizona State Board for Charter
Schools. Diethelm, a chartered financial analyst, also served as chief
executive officer and a member of the board of Sebec Corporation, which acted
as an investment and financial consultant to corporations in a wide range of
industries, as well as Aeropower Resources, an authorized maintenance center
and FAA repair station for Rolls-Royce aircraft engines.
"The addition of Jock and Dan to the board is a most welcomed development
as Titan continues to work toward a successful reorganization," said Frank
Keery, Titan's chairman and chief executive officer. "Since the moment they
assumed their places on the board, Jock and Dan have worked tirelessly to
bring new strategies to bear for an expeditious restructuring. The board
believes that their service on the restructuring committee will open new
opportunities for Titan and speed its emergence from Chapter 11 protection.
The board and Titan's executive officers have the utmost confidence in Jock
and Dan and welcome the new perspective and approach they bring to this
process and to the management of this company." Keery also acknowledged the
commitment and contribution made to Titan since its inception by Barbara
Keery, who has resigned as a member of the board and secretary.
Founded in 1994, Titan Motorcycle Co. of America is a premier designer,
manufacturer and distributor of high-end, American-made, V-twin engine
motorcycles marketed under various Titan trademarks. Titan's unique,
hand-built configurations, including the Gecko(TM), Roadrunner(TM),
Sidewinder(TM) and Phoenix(TM), represent the finest available in
custom-designed, volume-produced, performance motorcycles. Manufactured at
the Company's corporate headquarters and manufacturing facility, and available
with a variety of customized options and designs, Titan large displacement
motorcycles are sold through a network of over 80 domestic and international
dealers.
NOTE: This release contains certain forward-looking statements and
information that are based on management's beliefs, as well as assumptions
made by and information currently available to management, including
management's plans and objectives. Such statements are subject to various
risks and uncertainties. The Company's liquidity, capital resources, and
results of operations may be affected from time to time by a number of factors
and risks, including, but not limited to, the ability of the Company to
arrange debtor-in-possession financing; operate successfully under a
Chapter 11 proceeding; obtain shipments and negotiate terms with vendors and
service providers; fund and execute a new operating plan for the Company;
attract and retain key executives and associates; meet competitive pressures
which may affect the nature and viability of the Company's business strategy;
generate cash flow; attract and retain dealers and customers; and manage its
business notwithstanding potential adverse publicity. The Company undertakes
no obligation to publicly announce the result of any revisions to any of the
forward-looking statements contained in this release to reflect future events
or developments.