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APOGEE ROBOTICS INC. EXCHANGES SHARES WITH PRINCETON ELECTRONIC PRODUCTS

 FORT COLLINS, Colo., Aug. 23 /PRNewswire/ -- Apogee Robotics Inc. (NASDAQ: APGE) today announced that it has entered into an agreement with Princeton Electronic Products Inc. (NASDAQ: PELT) to exchange 333,334 shares of its common stock for 333,334 shares of Princeton common stock. This brings Apogee's holdings in Princeton up to 533,334 shares or 5 percent of the current number of outstanding shares. Princeton Electronic Products now holds approximately 13.5 percent of Apogee's outstanding shares.
 Princeton Electronic Products Inc., headquartered in Phoenix, is a highly diversified company that specializes, through its subsidiaries, in innovative products, financial services and venture capital.
 Apogee Robotics Inc. designs, manufactures and installs automated guided vehicle systems used in factories, institutions and offices. Apogee recently installed the first-ever, lightweight, People Mover system for the correctional industry at the Jefferson County Justice Complex, located in Golden, Colo.
 "This share exchange demonstrates Apogee's continuing efforts to develop a solid balance sheet and create greater shareholder value through diversification," said Robert Oliphant, chairman of the board of Apogee.
 Apogee provides cost-efficient, reliable and safe automated material handling systems for such companies and organizations as Levi Strauss, OEA Inc., Polaroid and Alameda County Jail, Calif.
 -0- 8/23/93
 /CONTACT: Robert Oliphant, chairman of Apogee Robotics, 303-221-1122; or Shannon T. Squyres, president of Corporate Relations Group, 714-955-1860, for Apogee Robotics/
 (APGE PELT)


CO: Apogee Robotics Inc.; Princeton Electronic Products Inc. ST: Colorado, Arizona IN: CPR SU: TNM

BP-LM -- LA008 -- 4948 08/23/93 09:30 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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