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BOARDBRIGHT MANAGEMENT Wins Bidding for Bankrupt Adast

Thursday, December 19, 2002

Press release from the issuing company

December 19, 2002 -- (WhatTheyThink.com) -- On December 17, 2002, the committee of creditors decided the result of the bidding for insolvent debtor ADAMOVSKÉ STROJÍRNY, (Adast). The winning bid was made by BOARDBRIGHT MANAGEMENT. This company was chosen as the winner by all members of the committee of creditors, having fulfilled all terms of the public bidding procedure, and offered the highest price for the assets forming the corporation. According to the company hired to advise on the sale of the corporation’s property, the winner presented the best business plan, attempting to preserve the existing jobs, and deposited an amount exceeding the bid price. The other two bidders were Chirana X-RAY and BOLD EAGLE HOLDINGS, Inc., USA




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