ANAHEIM, Calif., Oct. 9, 1995 -- href="chap11.statordyne.html">Statordyne Corporation
(AMEX ECM: STY.EC) announced today that GFI Energy Ventures, LLC of
Los Angeles, CA completed a purchase of the Assets of Statordyne
Corporation upon approval of the order by a Federal Bankruptcy judge
signed and entered on Monday October 2, 1995. The accelerated
schedule for the bankruptcy proceedings was necessary to satisfy
terms of the GFI purchase agreement.
Under the terms of the agreement, GFI also purchased the
corporate name and registered trademarks. All liabilities of the
Company will remain with the existing Statordyne Corporate Entity.
Statordyne was placed in bankruptcy on August 23, 1995 after an
involuntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code was filed by a group of the Company's largest
The Company designs, manufactures, and markets patented power
protection systems that enhance electrical power quality while
providing peaking capabilities and uninterrupted transition to
backup power in the event of a utility outage.
GFI Energy Ventures is an investment firm seeking to acquire
companies, such as Statordyne, that should benefit from the
restructuring of the electric utility industry in the United States
/CONTACT: Bradford Roberts, President of Statordyne, 714-704-1000/