Obsidian Enterprises (OTCBB: OBDE) Withdraws Offer for Net Perceptions (Nasdaq: NETP)
April 02 2004 - 12:48PM
PR Newswire (US)
Obsidian Enterprises (OTCBB: OBDE) Withdraws Offer for Net
Perceptions (Nasdaq: NETP) Obsidian Withdraws Offer to Net
Perceptions' Shareholders Following Sale of Net Perceptions' Patent
Portfolio INDIANAPOLIS, April 2 /PRNewswire-FirstCall/ -- Obsidian
Enterprises, Inc. (BULLETIN BOARD: OBDE) , a holding company
headquartered in Indianapolis, announced today that it will
withdraw its offer to provide shareholders of Net Perceptions, Inc.
the opportunity to receive twenty fivecents ($0.25) per share in
cash and three one-hundredths (3/100) share of Obsidian common
stock for each share of Net Perceptions common stock. On March 31,
2004, Net Perceptions announced that it had closed the previously
announced sale of its patentportfolio. The closing of the sale
caused the failure of one of the conditions to Obsidian's exchange
offer, that Net Perceptions not effect the disposition of any
assets other than in the ordinary course of business. Obsidian
filed a Registration Statement on Form S-4 and a Tender Offer
Statement related to the current offer with the Securities and
Exchange Commission on December 15, 2003 and filed its most recent
amendments to each on March 29, 2004. Obsidian will promptly
request that the Registration Statement be withdrawn. The amended
offer was scheduled to expire at 5:00 PM, New York City time, on
April 14, 2004. Obsidian is a holding company headquartered in
Indianapolis, Indiana. It conducts business through its
subsidiaries: Pyramid Coach, Inc., a leading provider of corporate
and celebrity entertainer coach leases; United Trailers, Inc., and
its division, Southwest Trailers, manufacturers of steel-framed
cargo, racing ATV and specialty trailers; U.S. Rubber Reclaiming,
Inc., a butyl-rubber reclaiming operation; and Danzer Industries,
Inc., a manufacturer of service and utility truck bodies and
steel-framed cargo trailers. This press release is provided for
informational purposes only and is neither an offer to purchase nor
a solicitation of an offer to sell shares of Net Perceptions, Inc.
or Obsidian Enterprises, Inc. Obsidian Enterprises has filed with
the Securities and Exchange Commission a registration statement and
exchange offer documents with respect to the proposed transaction.
Investors and security holders are advised to read those documents
because they include important information. Investors and security
holders may obtain a free copy of any documents filed by Obsidian
Enterprises with the SEC at the SEC's website at
http://www.sec.gov/ . The registration statement and exchange offer
documents and the other documents may also be obtained free of
charge by directing a request by mail to Innisfree M&A
Incorporated, 501 Madison Avenue, 20th Floor, New York, New York
10022, or by calling toll-free (888) 750-5834, and may also be
obtained from Obsidian Enterprises, Inc. by directing a request by
mail to Obsidian Enterprises, Inc., 111 Monument Circle, Suite
4800, Indianapolis, Indiana 46024, Attn: Rick D. Snow. This press
release contains "forward-looking statements." These forward-
looking statements are based on currently available competitive,
financial and economic data and management's views and assumptions
regarding future events. Such forward-looking statements are
inherently uncertain. Obsidian Enterprises cannot provide
assurances that the exchange offer described in this press release
will be successfully completed or that we will realize the
anticipated benefits of any transaction. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to: global economic and
market conditions; the availability of liquidity under our existing
lines of credit; successful integration of acquired or merged
businesses; changes in interest rates; our ability to retain key
management and employees; our ability to meet demand at competitive
prices in our coach leasing segment and our trailer and related
transportation equipment manufacturing segment; our ability to
successfully develop alternative sources of raw materials in our
butyl rubber reclaiming segment; relationships with significant
customers; as well as other risks and uncertainties, including but
not limited to those detailed from time to time in Obsidian
Enterprises' Securities and Exchange Commission filings.
DATASOURCE: Obsidian Enterprises, Inc. CONTACT: Timothy S. Durham,
Chairman & C.E.O. of Obsidian Enterprises, Inc., ,
+1-317-237-4055
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