ALDEN ELECTRONICS ANNOUNCES SALE OF SATFIND-406 SURVIVAL EPIRB PRODUCT LINE TO NORTHERN AIRBORNE TECHNOLOGY, INC.
The sale of the Company's EPIRB product line is part of the Company's continuing efforts in analyzing strategic alternatives to maximize shareholder value. The Company continues to market its real estate holdings and is presently in discussions with a potential buyer for a portion of its real estate.
In addition, the Company has received an offer for part of its weather operations. The Company is currently evaluating this offer, seeking additional offers, and various alternatives that might arise should a sale of all or part of its weather operations take place. The Company has engaged Argus Management Corporation, a management consulting firm, to assist in the review of strategic alternatives available to the Company. The alternatives under consideration range from reorganization of remaining operations to the possible divestiture of some or all of the Company's remaining business units.
The Company also announced today that Arnold A. Kraft, President and CFO since January 1994, will be leaving the Company within three months to pursue new opportunities. During this interim period, Mr. Kraft will remain as President and CEO, continue as a Director and maintain his leadership role in the Company's review and execution of its strategic alternatives. Effective immediately, Robert J. Wentworth, who joined the Company in May 1993 and is Vice President, Finance and Administration, and Treasurer of the Company, will assume the additional duties of Chief Operating Officer and is expected to assume the duties and responsibilities of Mr. Kraft upon his departure.
The Annual Meeting of Stockholders of Alden Electronics, Inc. has been scheduled for Tuesday, July 23, 1996 at 10:00 a.m. to be held at the offices of the Company.
/SUPPLEMENTARY NEWS RELEASE:
Alden Electronics, Inc. announced today the sale of its SATFIND- 406(TM) SURVIVAL EPIRB product line to Northern Airborne Technology, Inc., an affiliate of Chelton Ltd., a UK company. Further, the company has sold the remaining Alden Marine inventory of Navtex receivers and paper supplies to Coretex, a Michigan company, tel: 613-782-2210.
Arnold A. Kraft, the president & CEO of Alden Electronics, Inc., said that "We are very pleased that a major firm such as Chelton has purchased the SATFIND-406(TM) SURVIVAL EPIRB product line and will continue to grow and enhance this series of products."
Speaking for Chelton, Geoffrey Cooper, Managing Director, said that "The acquisition of the SATFIND-406(TM) SURVIVAL EPIRB product line from Alden Electronics provides a key element in Chelton's strategy for offering a complete range of high quality Search and Rescue electronics products for the marine and aviation markets. Chelton has long been a leader in the field of rescue beacon detection and location and the combination of Alden Marine's well-established product and market reputation coupled with Chelton's acquisition of Vancouver, B.C.-based MPR Teltech's 406 Mhz engineering and technology rights will enable Chelton to offer even more comprehensive and well engineered customer solutions."
For further information on Chelton call:
in the USA: Michael Wilkerson 214-221-1783 in the UK: Geoffrey Cooper 011-44-1628-472-072
For further information on NAT in Kelowna, BC, Canada, call
Steve Brunsden 604-732-2232
Chelton's ultimate parent is UK aerospace group, Cobham plc /
/CONTACT: Robert Wentworth of Alden Electronics, Inc., 508-366-8851/
CO: Alden Electronics, Inc.; Northern Airborne Technology, Inc.;
Chelton Limited; Alden Marine; Coretex ST: Massachusetts, Michigan IN: CPR SU: PER
TW -- NYTU115 -- 2150 06/11/96 20:04 EDT