Optelecom-NKF, Inc., Announces Electro Optics Business Sale, Establishes New Account Receivables Credit Line, and Sets Annual Shareholder Meeting Date for April 30, 2010
Poster: SySAdmin
Posted on April 12, 2010 at 3:07:01 PM
Optelecom-NKF, Inc., Announces Electro Optics Business Sale, Establishes New Account Receivables Credit Line, and Sets Annual Shareholder Meeting Date for April 30, 2010
GERMANTOWN, Md., April 12 -- Optelecom-NKF, Inc. (NASDAQ:OPTC), a leading global provider of Siqura® surveillance solutions, today announced an agreement with Connecticut based Nufern, a wholly owned subsidiary of Rofin-Sinar Technologies, Inc. (NASDAQ:RSTI), for the sale of its Electro Optics coil manufacturing business at $1,400,000 U.S. dollars.
Under the terms of the agreement, Optelecom-NKF will receive $1,150,000 at the closing of the business deal, with the balance of $250,000 held in escrow, subject to completion of a technology transfer.
The sale of the Electro Optics business, a non-core operating unit, supports Optelecom-NKF's strategy that focuses on providing advanced video surveillance equipment and solutions. The Electro Optics group focuses on manufacturing fiber optic gyroscope coils primarily for U.S. based government defense industry customers. Nufern manufactures high technology fiber optic products including gyroscope fibers and fiber lasers and amplifiers.
"This transaction will ensure the continuity and customer focus of this important technology," stated Dave Patterson, President and CEO of Optelecom-NKF.
Optelecom-NKF also announced it has established an accounts receivable revolving line of credit of $750,000 U.S. dollars with Presidential Financial in Alpharetta, Georgia, USA.
The date for Optelecom-NKF's annual shareholder meeting is set for Friday, April 30, 2010, at 1:30 p.m. The meeting will take place at the Optelecom-NKF headquarters, located at 12920 Cloverleaf Center Drive, Germantown, Maryland, USA.
About Optelecom-NKF
Optelecom-NKF, Inc. (NASDAQ:OPTC), manufacturer of Siqura® advanced video surveillance solutions, provides a full range of network products based on an open technology platform that simplifies integration and installation. Our Siqura solutions offer a perfect blend of ease of use and processing power, enabling end-users to optimize the effectiveness of their surveillance systems while reducing the total cost of ownership. All products and solutions are developed and tested for professional and missioncritical applications, such as at highway departments, airports, seaports, casinos, public transport authorities, hospitals, city centers, shopping centers, military bases, and corporate and government campuses. Founded in 1972, Optelecom-NKF is committed to providing its customers with expert technical advice and support.
Investor inquiries should be directed to Mr. Rick Alpert at +1 301-948-7872.
Press inquiries for Europe, Middle East, Africa and Asia should be directed to Kate Huber khuber@optelecom-nkf.com tel. +31 182 592 215
Press inquiries for North and Latin America should be directed to Betsy Lanning, blanning@optelecom-nkf.com tel. +1 301-444-2276
For more information please visit our website: http://www.optelecom-nkf.com
Source: Optelecom-NKF, Inc.
CONTACT: Investors, Rick Alpert, +1-301-948-7872; Press inquiries for
Europe, Middle East, Africa and Asia, Kate Huber, +31 182 592 215,
khuber@optelecom-nkf.com; Press inquiries for North and Latin America, Betsy
Lanning, +1-301-444-2276, blanning@optelecom-nkf.com, all of Optelecom-NKF,
Inc.
Web Site: http://www.optelecom-nkf.com/
GERMANTOWN, Md., April 12 -- Optelecom-NKF, Inc. (NASDAQ:OPTC), a leading global provider of Siqura® surveillance solutions, today announced an agreement with Connecticut based Nufern, a wholly owned subsidiary of Rofin-Sinar Technologies, Inc. (NASDAQ:RSTI), for the sale of its Electro Optics coil manufacturing business at $1,400,000 U.S. dollars.
Under the terms of the agreement, Optelecom-NKF will receive $1,150,000 at the closing of the business deal, with the balance of $250,000 held in escrow, subject to completion of a technology transfer.
The sale of the Electro Optics business, a non-core operating unit, supports Optelecom-NKF's strategy that focuses on providing advanced video surveillance equipment and solutions. The Electro Optics group focuses on manufacturing fiber optic gyroscope coils primarily for U.S. based government defense industry customers. Nufern manufactures high technology fiber optic products including gyroscope fibers and fiber lasers and amplifiers.
"This transaction will ensure the continuity and customer focus of this important technology," stated Dave Patterson, President and CEO of Optelecom-NKF.
Optelecom-NKF also announced it has established an accounts receivable revolving line of credit of $750,000 U.S. dollars with Presidential Financial in Alpharetta, Georgia, USA.
The date for Optelecom-NKF's annual shareholder meeting is set for Friday, April 30, 2010, at 1:30 p.m. The meeting will take place at the Optelecom-NKF headquarters, located at 12920 Cloverleaf Center Drive, Germantown, Maryland, USA.
About Optelecom-NKF
Optelecom-NKF, Inc. (NASDAQ:OPTC), manufacturer of Siqura® advanced video surveillance solutions, provides a full range of network products based on an open technology platform that simplifies integration and installation. Our Siqura solutions offer a perfect blend of ease of use and processing power, enabling end-users to optimize the effectiveness of their surveillance systems while reducing the total cost of ownership. All products and solutions are developed and tested for professional and missioncritical applications, such as at highway departments, airports, seaports, casinos, public transport authorities, hospitals, city centers, shopping centers, military bases, and corporate and government campuses. Founded in 1972, Optelecom-NKF is committed to providing its customers with expert technical advice and support.
Investor inquiries should be directed to Mr. Rick Alpert at +1 301-948-7872.
Press inquiries for Europe, Middle East, Africa and Asia should be directed to Kate Huber khuber@optelecom-nkf.com tel. +31 182 592 215
Press inquiries for North and Latin America should be directed to Betsy Lanning, blanning@optelecom-nkf.com tel. +1 301-444-2276
For more information please visit our website: http://www.optelecom-nkf.com
Source: Optelecom-NKF, Inc.
CONTACT: Investors, Rick Alpert, +1-301-948-7872; Press inquiries for
Europe, Middle East, Africa and Asia, Kate Huber, +31 182 592 215,
khuber@optelecom-nkf.com; Press inquiries for North and Latin America, Betsy
Lanning, +1-301-444-2276, blanning@optelecom-nkf.com, all of Optelecom-NKF,
Inc.
Web Site: http://www.optelecom-nkf.com/