The Bankruptcy Court for the District of Colorado in the Chapter 11 case of OnLine Power Supply Inc. (OPS, Centennial, CO) (Case No. 04-20467 ABC) approved the sale of certain of the company's assets to OPS Power LLC. The purchase price is $400,000. The closing of the sale is scheduled to occur on August 30, 2004.
The company plans to convert the case to a Chapter 7 liquidation on or about September 30, 2004. Thereafter, the administration of the case, including the liquidation and distribution of the company's remaining assets, will be conducted by a Chapter 7 trustee. At the present time the company does not expect there will be any distributions to the company's shareholders.