Exhibit 99.1
ATLAS CORPORATION NEWS RELEASE
370 Seventeenth Street, Suite 3010 NASDAQ BULLETIN BOARD
Denver, CO 80202 OTC: ATSP
ATLAS CORPORATION RECEIVES APPROVAL
FOR ITS PLAN OF REORGANIZATION
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DENVER, COLORADO - December 20, 1999 - Atlas Corporation announced today that
its plan of reorganization (the "Plan") has been approved by the creditors and
confirmed by the U.S. Bankruptcy Court, District of Colorado. The Plan will be
effective January 10, 2000 (the "Effective Date").
Terms of the Plan call for existing shareholders to retain 15% of the
reorganized Atlas with the remaining 85% to be divided among pre-petition
creditors (the "Creditors") and other parties in interest to the Plan. All
interests of shareholders currently holding less than 1,000 shares shall be
voided on the Effective Date and the remaining outstanding shares will be split
1 for 30, also on the Effective Date. All Atlas Corporation warrants will also
be voided on the Effective Date. The Company projects that there will be
approximately 6,000,000 shares outstanding after the reorganization.
Other terms of the Plan call for certain non-operating assets of the Company to
be sold over the next two to three years with the proceeds to be divided between
the reorganized Atlas and the Creditors. The majority of the Company's pre-
petition liabilities will be satisfied under the Plan including any future
responsibility for reclamation of the Moab, Utah uranium tailings site. The
principal remaining asset of the Company will be its wholly owned subsidiary,
Arisur Inc., which mines lead, zinc and silver in Bolivia, South America.
Gregg Shafter, President of Atlas Corporation, stated that "it is extremely
gratifying to have successfully achieved our goal of reorganization and to have
the opportunity to create value for the shareholders of the reorganized
company."
FOR FURTHER INFORMATION CONTACT:
James R. Jensen
Chief Financial Officer
(303) 629-2440