Planet Polymer Signs Letter of Intent to Sell Deltco Subsidiary for $1.1 Million

Planet Polymer Technologies Inc., a specialty chemical company, has signed a letter of intent to sell Deltco of Wisconsin to the management of the wholly owned subsidiary for $1.1 million. The sale is expected to be completed by Dec. 31, 1999.

Deltco is a manufacturer and reprocessor of thermoplastic scrap resins and is no longer strategic to Planet's core business. Dr. Robert Petcavich, president and chief executive officer of Planet Polymer, said, "The proceeds of the sale will be used to expand our agricultural and industrial manufacturing business units. We believe that our controlled release coating technologies and metal injection molding processes have broader commercial applications."

Planet Polymer Technologies Inc. is a specialty chemical company that develops and licenses unique hydro-soluble polymer and biodegradable materials with broad applications in the fields of agriculture and industrial manufacturing.