Model Forum / General / Rockets / January 2004

Bids Solicited for Sale of AeroTech Inc.
January 27, 2004
Web posted at: 1:14 PM EST

(ROL Newswire) -- On February 25 Schwartzer & McPherson Law Firm sent
the information below to RocketryOnline for posting on the internet
regarding the sale of AeroTech and ISP:
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By this Notice, the Debtors solicit bids for the sale of all or part of
the Business. All persons requesting additional information concerning
the Business or the assets to be sold may contact the Debtors¹ counsel
at the telephone number or facsimile number listed on the top of first
page of this Notice.
The current minimum bid for the entire business is $30,000. The Debtor
has a bid from RCS Rocket Motor Components, Inc. (³RCS²), a Utah
corporation owned by Gary Rosenfield, the owner and sole director and
officer of the Debtors, to purchase the Debtors¹ Business for $30,000
cash plus the assumption of contractual obligations as stated in this
notice.
All competing bids should be made before or at the hearing.
NOTICE IS HEREBY GIVEN that AEROTECH, INC. ("AeroTech") and INDUSTRIAL
SOLID PROPULSION, INC. ("ISP"), debtors and debtors-in-possession
(collectively, "Debtors" or "DIPs") have filed a Motion To Sell Assets
Free and Clear Of Liens and Assign Unexpired Leases, Executory
Contracts, Intellectual Property Rights and Licenses (the "Motion"). In
addition to the sale, the Debtors¹ Motion requests the authorizing the
Debtors to assume and assign all their executory contracts and unexpired
leases to Buyer, authorizing the Debtors to assign all their licenses
and permits to the Buyer to the extent permitted by law, and for such
other and further relief as the Court deems just and equitable.

Assets
AeroTech and ISP own fixed assets (such as equipment, molds, furniture,
tooling & fixtures), inventory (such as raw materials, work in process
and finished goods), accounts receivable, intellectual property (such as
business name, formulas, sources of supply, patents, trademarks,
copyrights, logos and websites). A list of Equipment Inventory is
attached hereto as Exhibit ³A². A list of Patents is attached hereto as
Exhibit ³B². A list of raw material, work in progress and completed kits
and rocket motors is available from Debtors¹ counsel. A list of license
agreements is attached as Exhibit ³C². Copies of the license agreements
are available from Debtors¹ counsel. In addition, Debtors have accounts
receivable. A list of such accounts receivable is available from
Debtors¹ counsel after executing a confidentiality agreement.

Contracts & Leases
AeroTech and ISP have executory contracts and unexpired leases for
equipment, offices and the rocket motor production facility. A list of
these contacts is attached as Exhibit ³D². Copies of these contracts are
available from Debtors¹ counsel. The Debtors¹ Motion seeks authority to
assume and assign to the successful Bidder these contracts and leases.
However, the successful bidder can choose not to assume any contract it
does not want to assume.

Licenses & Permits
AeroTech and ISP have Cedar City business licenses, Bureau of Alcohol,
Tobacco and Firearms ("ATF") explosive manufacturing licenses, U.S.
Department of Transportation ("DOT") EX-numbers, ISP's U.S. State
Department ITAR registration, National Association of Rocketry, Tripoli
Rocketry Association, Canadian and California State Fire Marshal rocket
motor certifications. To the extent permitted by law, the Debtor will be
assigning to the successful Bidder the licenses and permits.
Collectively, these Assets, Contracts & Leases and Licenses & Permits
are referred to as the "Business".
A Purchase Offer for the Business has been made as follows:
Buyer: RCS (an insider).
Price: Thirty Thousand Dollars ($30,000.00).
Payable: The purchase price will be paid at closing in cash or certified
funds.
Terms: Assets to be transferred and conveyed at Closing by bills of sale
and other documents required to transfer good and marketable title and
assignments; Debtors shall assign the executory contracts and unexpired
leases and licenses and permits to the Buyer through assignment
documents as the Buyer may reasonably request; Buyer will assume the
obligations of such contracts and leases.
The successful Buyer must be licensed to receive the Debtors¹ rocket
motors and explosive
materials from the applicable agencies. Pending licensing of the
successful Buyer, the rocket motors and explosive materials will be
stored in the Debtor¹s facility in Cedar City, Utah and the successful
Buyer will be responsible for payment of the facility¹s rent and
insurance. The successful Buyer will not be entitled to possession of
the rocket motors or explosives until it holds the appropriate licenses.
Potential bidders may inspect the Debtor¹s facility after executing a
confidentiality agreement. Additional information is available at the
Debtors¹ websitehttp://www.aerotech-rocketry.com.

Source: ROL Newswire Service