Tokheim Files Chapter 11

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Posted by Byron Benford on November 21, 2002 at 17:30:22:

LETTER NO.: GTD02-17

TO: ALL GASBOY INTERNATIONAL, INC. DISTRIBUTORS

DATE: NOVEMBER 21, 2002

FROM: D. MICHAEL BOONE
THOMAS W. GLAHN

CC: DISTRICT MANAGERS

Tokheim Corporation's pursuit of a strategic buyer has proceeded slower
than anticipated. Tokheim Corporation hoped to have a sale transaction in
progress by the beginning of November; however, it now appears that this
process will not be complete until early in 2003. On November 21, 2002 in
order to continue operations, Gasboy International, Inc. ("Gasboy") and our
parent company, Tokheim Corporation, voluntarily filed for reorganization
under Chapter 11 of the U.S. Bankruptcy Code.

The Chapter 11 filing, coupled with a $10 million dollar
debtor-in-possession loan from a bank group led by ABN AMRO, will allow
time for Tokheim Corporation to negotiate with a strategic buyer to sell
its business units while continuing to operate its businesses. We expect
that Gasboy will emerge from the Chapter 11 process as a financially
stable, more productive company, with a new ownership structure in place.
There are several strategic buyers interested in purchasing and operating
Gasboy, either as part of the sale of Tokheim Corporation, or as a separate
entity. We are optimistic that Gasboy will be purchased in the near
future.

In the short term, Gasboy plans to continue to operate its business and
serve its customers. We plan to continue to operate at normal production
levels. Continuing Gasboy's production operations until the sale will be
key to a smooth, seamless transition.

We appreciate your past support and your ongoing support is critical to our
future business plan. With a new financial foundation and the anticipated
purchase of our operations by a new ownership group, we look forward to
forging an even stronger relationship with you for the future.

We will continue to update you through the milestones of this process.

Sincerely yours,

GASBOY INTERNATIONAL, INC.

D. Michael Boone, President

Thomas W. Glahn, Director of Sales

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Subject  : Re: Tokheim Files Chapter 11

Comments:
: LETTER NO.:  GTD02-17

: TO:   ALL GASBOY INTERNATIONAL, INC. DISTRIBUTORS

: DATE: NOVEMBER 21, 2002

: FROM: D. MICHAEL BOONE
:       THOMAS W. GLAHN

: CC:   DISTRICT MANAGERS

: 
: Tokheim Corporation's pursuit of a strategic buyer has proceeded slower
: than anticipated.  Tokheim Corporation hoped to have a sale transaction in
: progress by the beginning of November; however, it now appears that this
: process will not be complete until early in 2003.  On November 21, 2002 in
: order to continue operations, Gasboy International, Inc. ("Gasboy") and our
: parent company, Tokheim Corporation, voluntarily filed for reorganization
: under Chapter 11 of the U.S. Bankruptcy Code.

: The Chapter 11 filing, coupled with a $10 million dollar
: debtor-in-possession loan from a bank group led by ABN AMRO, will allow
: time for Tokheim Corporation to negotiate with a strategic buyer to sell
: its business units while continuing to operate its businesses.  We expect
: that Gasboy will emerge from the Chapter 11 process as a financially
: stable, more productive company, with a new ownership structure in place.
: There are several strategic buyers interested in purchasing and operating
: Gasboy, either as part of the sale of Tokheim Corporation, or as a separate
: entity.  We are optimistic that Gasboy will be purchased in the near
: future.

: In the short term, Gasboy plans to continue to operate its business and
: serve its customers.  We plan to continue to operate at normal production
: levels. Continuing Gasboy's production operations until the sale will be
: key to a smooth, seamless transition.

: We appreciate your past support and your ongoing support is critical to our
: future business plan.  With a new financial foundation and the anticipated
: purchase of our operations by a new ownership group, we look forward to
: forging an even stronger relationship with you for the future.

: We will continue to update you through the milestones of this process.

: Sincerely yours,

: GASBOY INTERNATIONAL, INC.

: D. Michael Boone, President

: 
:  Thomas W. Glahn, Director of Sales



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