EDAC Technologies Announces Termination of Acquisition Negotiations

FARMINGTON, Conn., Dec. 20  /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (OTC:EDAC) (BULLETIN BOARD: EDAC) , a designer and manufacturer of tools, fixtures, jet engine components, injection molds and spindles, announced that it has terminated negotiations to acquire the assets of the J.F. Fredericks Tool Co., Incorporated, a privately-owned manufacturer of tools, fixtures, and jet engine components, based in Farmington, Connecticut.  Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies, said, "We have decided to cease discussions because the parties were not able to reach agreement on certain terms of the proposed transaction."

Cautionary Statement Regarding Forward Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements.  These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions.  There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict.  These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements.  These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission.  In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release.  The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change.  However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so.

  Contact:
  Glenn L. Purple
  Vice President-Finance
  860-677-2603


DATASOURCE: EDAC Technologies Corporation



CONTACT: Glenn L. Purple, Vice President-Finance of EDAC Technologies

Corporation, [phone] 



Web site:  http://www.edactechnologies.com/ 

Copyright