Kvistgaard, Denmark, April 25, 2002: 
Ferroperm Piezoceramics A/S announces a management buy-out from APC International Ltd.

Ferroperm Piezoceramics A/S is a manufacturer with over 40 years experience producing 
advanced piezoelectric materials for ultra-high precision shear type accelerometers, and 
high-quality materials for underwater acoustics, medical ultrasound, industrial flow-meters, 
and NDT. In addition, the company has a series of new and very promising research and 
development projects in partnership with the European Commission. The company employs 
50 people, with a production going mainly to USA, Europe and Southeast Asia.
   After 1 year as a subsidiary of APCI Ltd, the management in Ferroperm Piezoceramics A/S 
has carried out a management buy-out of 100% of the shares in the company. This acquisition 
is done in order for Ferroperm Piezoceramics to consolidate its position as the supplier of the 
world's highest quality and most stable piezoelectric ceramics, and to continue and further 
strengthen its focus on development of new and improved materials.
   The new ownership structure now consists of 7 senior managers supported by a strong Danish
investment group. Ferroperm Piezoceramics A/S will therefore be able to assist customers as a 
single-source supplier from the initial design stages through to high volume production.

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