Wireless Telecom Group Agrees to Sell Substantially All Operating Assets and Liabilities of Willtek
09 4월 2010 - 11:22PM
Business Wire
Wireless Telecom Group, Inc. (NYSEAmex: WTT) (the“Company”)
announced today the execution of a definitive agreement to sell
substantially all of the operating assets of its wholly owned
subsidiary Willtek Communications GmbH and affiliates to Aeroflex
Incorporated, a Delaware corporation, in exchange for $2,750,000 in
cash and the assumption of certain liabilities. The closing of the
sale is subject to certain customary closing conditions and is
expected to occur on or about April 30, 2010. The cash purchase
price is subject to a post-closing adjustment if the adjusted net
assets sold at the date of closing are less than the adjusted net
assets target set forth in the purchase agreement. As part of the
sale, all current employees of Willtek Communications GmbH and its
affiliates will be assumed by Aeroflex.
“This transaction will allow the Company to focus its efforts
and strong financial resources on the remaining brands Noisecom,
Boonton and Microlab. These brands have historically been the core
business of the Company. We intend to continue development of
products within each of these brands and to maintain our leadership
position in the RF and Microwave signaling test & measurement
and components markets,” stated Paul Genova, Chief Executive
Officer. Genova continues, “The disposition of Willtek is part of
the Company’s overall strategic plan to return to its core
competencies and reposition itself for growth opportunities. We
believe the transaction will better position the Company for future
success and is in the best interest of our shareholders.”
Robert Vogel, general manager of Aeroflex’s wireless products
group added, ”We look forward to the addition of Willtek to our
organization and the strengthening of our market leading product
portfolio.”
About Wireless Telecom
Group
Wireless Telecom Group designs and manufactures radio frequency
(RF) and microwave-based products for wireless and advanced
communications industries and markets its products and services
worldwide under the Boonton, Microlab, Noisecom, and Willtek
brands. Its complementary suite of high performance instruments and
components includes peak power meters, signal analyzers, power
splitters, combiners, diplexers, noise modules, precision noise
generators, and mobile phone testing solutions. The Company serves
both commercial and government markets with workflow-oriented,
built-for-purpose solutions in cellular/mobile, WiFi, WiMAX,
private mobile radio, satellite, cable, radar, avionics, medical,
and computing applications. Wireless Telecom Group is headquartered
in Parsippany, New Jersey, in the New York City metropolitan area,
and maintains a global network of Sales and Service offices for
excellent product service and support.
Wireless Telecom Group’s website address is
http://www.wtcom.com. Except for historical information, the
matters discussed in this news release may be considered
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements
include declarations regarding the intent, belief or current
expectations of the Company and its management. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve a number of
risks and uncertainties that could materially affect actual
results. Such risks and uncertainties are identified in the
Company's reports and registration statements filed with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2008.
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