Wireless Telecom Group Completes Sale of Substantially All Operating Assets and Liabilities of Willtek
10 5월 2010 - 10:46PM
Business Wire
Wireless Telecom Group, Inc. (NYSEAmex: WTT) (the“Company”)
announced today the completion of its previously disclosed
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
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 offered employment with affiliates
of Aeroflex.
“With the successful execution of this transaction, the Company
will now re-direct its efforts and strong financial resources on
the remaining brands Noisecom, Boonton and Microlab. As previously
stated, these brands have historically been the core business of
the Company and we intend to continue development of products in
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 continued “The
disposition of Willtek was step one in returning the Company to its
core competencies and repositioning itself for growth
opportunities. I’m encouraged by the enthusiasm and optimism being
shown by the Company’s leadership team, all believing we have
indeed better positioned the Company for future success. We believe
our new direction is in the best interest of the Company’s
employees and, most importantly, our shareholders.”
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 and Noisecom 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 passive inter-modulation testers. 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, 2009.
Wireless Telecom (AMEX:WTT)
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Wireless Telecom (AMEX:WTT)
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