Alanco Announces $1.4 Million Sale of China Environmental Subsidiary.Business Editors/High-Tech Writers SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 29, 2000 Alanco Technologies Inc. (Nasdaq: ALAN) Wednesday announced completion of the sale of subsidiary Alanco Environmental Technology (Beijing) Co. Ltd., including patents related to Charged Dry Sorbent sorbent /sor·bent/ (sor´bent) an agent that sorbs; see absorbent and adsorbent. sorbent an agent that sorbs. Injection (CDSI CDSI Comisión de Estudio para el Desarrollo de la Sociedad de la Información CDSI Cross Domain Semantic Integration CDSI Credit Default Swap Index ) technology to Hypertec Inc., a private New Jersey corporation, for $1,450,000. The proceeds consist of cash and a short-term note with payments scheduled through July 15, 2001, totaling $950,000, plus a $500,000 long-term note with scheduled annual payments through Dec. 31, 2003. Additionally, Alanco will receive a cash royalty on each CDSI system sold by Hypertec for a period of five years. Robert R. Kauffman, Alanco chairman and chief executive officer, stated, "The sale of Alanco Beijing represents the final significant divestiture of Alanco's previous environmental businesses in support of our efforts to reposition the company as a leading provider of network data storage solutions." Alanco Technologies Inc., headquartered in Scottsdale, is a publicly owned Publicly owned can refer to:
(2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular ) from Excel/Meridian Data; and storage upgrade solutions for legacy computer systems from Arraid. Alanco's common stock is traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol ALAN. This press release contains statements that may be considered forward-looking statements within the meaning of the private securities litigation reform act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. |
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