Exhibit 99.1

           Sheldahl seeks protection under Chapter 11 Bankruptcy Code

                   Company Plans To Reorganize As A New Entity

Northfield, Minnesota - April 30, 2002 - Sheldahl Inc. announced today that it
had filed a voluntary petition for Chapter 11 reorganization with the U.S.
Bankruptcy Court for the District of Minnesota. The Company said it intends to
reorganize by selling substantially all of its assets under a Section 363 sale
pursuant to the U.S. Bankruptcy Code. Ampersand Venture Capital, Molex Inc. and
Morgenthaler Partners, Sheldahl's three largest shareholders have indicated
their intention to acquire the assets of Sheldahl in such a transaction.
Sheldahl expects to continue to operate its business and meet all customer
requirements.

"We believe the transaction contemplated is the best alternative to maintain our
service to customers, the confidence of our vendors and to retain as many
employees as possible. Regrettably we do not anticipate any residual value for
shareholders," said Benoit Pouliquen, President and Chief Executive Officer.
"Over the last year we have successfully reorganized our operations to
concentrate on our core Materials and Flex Interconnect businesses. Today's
actions are intended to provide the capital structure to support the future
growth of the business."

Additionally Ampersand, Molex and Morgenthaler will provide the company with
$1.5 million of Debtor-in-Possession (DIP) financing. Sheldahl anticipates
receiving prompt approval for that financing from the Bankruptcy Court.

John Lutsi, Chairman of the Board of Sheldahl and General Partner with
Morgenthaler said, "Upon the consummation of the contemplated transaction, a new
Company will emerge with sufficient capital to invest in key projects. This will
help ensure the survival of a strong competitor in the Materials and
Interconnect industry for years to come. "

Over the last year, Sheldahl's management has aggressively worked to lower its
cost structure and position the Company to capitalize on growth opportunities in
its core businesses, Materials and Flex Interconnect. The Company recently
announced the closing of its Endicott, New York facility which is proceeding
according to plan. In the fourth Quarter of 2001 the Company reported Earnings
before interest, taxes, depreciation and amortization (Ebitda) of ($251,000)
excluding write-offs for impairment of fixed assets, goodwill and intangible
assets, a $6 million improvement over the prior Quarter. The Company further
expects to report a slight improvement in its first Quarter 2002 Ebitda .

Mr. Pouliquen concluded," The improvement of our financial performance over the
last six months in spite of difficult market conditions is a significant
achievement. The fact that our Materials and Flex Interconnect operations
located in Northfield have achieved positive operating cash flow (Ebitda) in the
last two Quarters demonstrates the success of our operational restructuring. The
restructuring of our balance sheet is the next logical step in our efforts and
will allow us to capitalize on future growth opportunities. We are committed to
the restructuring of our finances



and believe that with the resources of Ampersand, Molex and Morgenthaler, we
will be successful in our efforts"

About Sheldahl
Sheldahl, Inc. is a leading producer of high-density substrates, high-quality
flexible printed circuitry, and flexible laminates primarily for sale to the
automotive, electronics and data communications markets. The company, which is
headquartered in Northfield Minnesota, has operations in Northfield; Longmont,
Colorado; Endicott, NY; Toronto, Ontario, Canada; and Chihuahua, Chih., Mexico.
Sheldahl's Common Stock trades on the Nasdaq National Market tier of the Nasdaq
Stock Market under the Symbol: SHEL. Sheldahl news and information can be found
on the World Wide Web at [ ] HYPERLINK http://www.sheldahl.com [ ] [ ]
http://www.sheldahl.com [ ].

                                      # # #

Contact:

Troy McCombs
Coltrin & Associates
212-221-1616
troy_mccombs@coltrin.com

The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's periodic
filings. Actual results may differ materially depending on a variety of factors.
Information with respect to the risks and uncertainties faced by Sheldahl may be
found in, and the prior discussion is qualified in its entirety by, the Risk
Factors contained in the Company's filings with the Securities and Exchange
Commission including Sheldahl's Annual Report, Form 10-K for the fiscal year
ended December 29, 2000, and other SEC filings. Sheldahl does not undertake any
obligation to update any such factors or to publicly announce developments or
events relating to the matters described herein.