SOLON, Ohio, May 5, 2003 (PRIMEZONE) -- Advanced Lighting Technologies, Inc. (OTCBB:ADLTQ) announced today that it has filed, together with certain United States subsidiaries, a proposed joint plan of reorganization with the US Bankruptcy Court for the Northern District of Illinois, Eastern Division. A hearing to consider approval of the related disclosure statement is scheduled for May 15, 2003. Both the proposed reorganization plan and the related disclosure statement are subject to revisions by the Debtors before the hearing date and are subject to review and/or revision by the court. The Debtors can give no assurance that the proposed plan will be approved by the Bankruptcy Court, that the plan will receive the necessary approvals of the creditors of the Debtors, or that the Debtors will be able to implement the proposed plan.
An official committee was formed to represent the holders of common equity. The attorney for the committee is Robert M. Fishman of Shaw, Guissis, Fishman, Glantz, Wolfson and Towbin LLC in Chicago, IL.
The case has been assigned to the Honorable Bankruptcy Judge Squires. Information regarding the filings in this case is available on the court's web site. ADLT's case is jointly administered under case No. 03-05255.
About Advanced Lighting Technologies
Advanced Lighting Technologies, Inc. is an innovation-driven designer, manufacturer and marketer of metal halide lighting products, including materials, system components, systems and equipment. Advanced Lighting Technologies, Inc. and certain of its United States subsidiaries, including APL Engineered Materials, Inc., are currently operating as debtors-in-possession while the companies reorganize under Chapter 11 of the United States Bankruptcy Code. The Company also develops, manufactures and markets passive optical telecommunications devices, components and equipment based on the optical coating technology of its wholly owned subsidiary, Deposition Sciences, Inc., which is not operating under protection of the Bankruptcy Code.
Forward Looking Statements
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including uncertainties associated with the restructuring process, the ability of the Company to successfully emerge from bankruptcy, the ability of the Company to operate successfully during the reorganization proceeding, and disruptions to the Company's business relationships during the restructuring process. Other risks and uncertainties include the strength of the recovery of the U.S. economy, timely development and market acceptance of new products, including production equipment, the ability to provide adequate incentives to retain and attract key employees, the impact of competitive products and pricing, and other risks detailed from time-to-time in the Company's EDGAR filings with the Securities and Exchange Commission. In particular, see "Risk Factors" in the Company's Form 10-K for the fiscal year ended June 30, 2002. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. The Company's actual results could differ materially from those anticipated in these forward-looking statements.