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CUSIP NO. 74 3663 304 PAGE 7 OF 8 PAGES
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EX-99.1
WESTAR CAPITAL ASSUMES PROTECTION ONE LENDERS' OBLIGATIONS
TOPEKA, Kansas, and CULVER CITY, California, Dec. 17, 1999, Protection
One (NYSE:POI) today announced Westar Capital, an unregulated subsidiary of
Western Resources (NYSE:WR), has acquired the debt and assumed the lenders'
obligations under Protection One's revolving credit facility.
Protection One has received from Westar Capital under this revolving
credit facility an extension of the covenant waiver until January 15, 2000.
Westar Capital and Protection One also are negotiating the terms and
conditions of further waivers or amendments to the credit facility.
An independent committee has been established by Protection One's board
to consider Westar Capital's proposal to acquire Protection One's Continental
Europe operations and to negotiate the terms of any such transaction.
Further, Protection One continues to examine other options including
selling assets to reduce debt and refinancing the credit facility. For further
discussion of Protection One's credit facility, see its quarterly report on Form
10-Q for the quarter ended September 30, 1999.
Western Resources owns approximately 85 percent of Protection One,
which provides monitoring and related security services to more than 1.6 million
residential and commercial subscribers in North America and Europe.
Western Resources (NYSE: WR) is a consumer services company with
interests in monitored services and energy. The company has total assets of more
than $8 billion, including security company holdings through ownership of
Protection One (NYSE: POI), which has more than 1.6 million security customers
in North America and Europe. Its utilities, KPL and KGE, provide electric
service to approximately 614,000 customers in Kansas. Through its ownership in
ONEOK Inc. (NYSE: OKE), a Tulsa-based natural gas company, Western Resources has
a 45 percent interest in the eighth largest natural gas distribution company in
the nation, serving more than 1.4 million customers. For more information about
Western Resources and its operating companies, visit us on the Internet at
xxxx://xxx.xx.xxx.
Protection One, one of the leading residential security alarm companies in
the United States, provides monitoring and related security services to more
than 1.6 million residential and commercial subscribers in North America and
Europe.
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CUSIP NO. 74 3663 304 PAGE 8 OF 8 PAGES
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Forward-Looking Statements: Certain matters discussed in this news
release are "forward-looking statements." The Private Securities Litigation
Reform Act of 1995 has established that these statements qualify for safe
harbors from liability. Forward-looking statements may include words like we
"believe", "anticipate," "expect" or words of similar meaning. Forward-looking
statements describe our future plans, objectives, expectations, or goals. Such
statements address future events and conditions concerning the consummation of
the possible asset sale and credit facility described in this press release,
capital expenditures, earnings, litigation, rate and other regulatory matters,
closing of the KCPL transaction, successful integration of Western Resources'
and KCPL's businesses and achievement of anticipated cost savings, the outcome
of accounting issues being reviewed by the SEC staff, possible corporate
restructurings, mergers, acquisitions, dispositions, liquidity and capital
resources, interest and dividend rates, year 2000 issue, environmental matters,
changing weather, nuclear operations, ability to enter new markets successfully
and capitalize on growth opportunities in nonregulated businesses, events in
foreign markets in which investments have been made, and accounting matters. Our
actual results may differ materially from those discussed here. See the
company's and Protection One's 1998 Annual Report on Form 10-K and 10K/A,
quarterly reports on Forms 10-Q and current reports on Form 8K for further
discussion of factors affecting the company's and Protection One's performance.
Western Resources disclaims any obligation to update any forward-looking
statements as a result of developments occurring after the date of this news
release. Other risks and uncertainties are described in Protection One's 1998
Form 10-K/A filed with the Securities and Exchange Commission on June 2, 1999,
and quarterly reports on Form 10-Q filed on May 17, 1999, August 16, 1999 and
November 12, 1999. Protection One disclaims any obligation to update any
forward-looking statements as a result of developments occurring after the date
of this press release.
CONTACT:
Media: Xxxxxx' Xxxxxxx, xxxx@xx.xxx, 000.000.0000, or fax: 000.000.0000, or
Investors: Xxx Xxxxxx, xxx_xxxxxx@xx.xxx, 000.000.0000, or fax: 000.000.0000,
both of Western Resources/
Media: Xxxxx Xxxxx, 000.000.0000, or fax 000.000.0000, or Investors: Xxxx
Xxxxxxxx, 000.000.0000, or fax 000.000.0000, both of Protection One
