Alanco Announces Agreement to Sell Environmental Subsidiary.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 1, 2000 Alanco Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALAN) Monday announced that it has reached an agreement to sell its Alanco Environmental Manufacturing Inc. (AEMI AEMI Auction & Electronic Market Integration (American Stock Exchange) AEMI Annual Exchange of Military Information ) subsidiary in Falls City, Neb. The all-cash transaction in the approximate amount of $3.7 million is expected to close by June 30, 2000. Robert R. Kauffman, Alanco's chairman and chief executive officer, stated, "The sale of AEMI supports our previously announced strategic plan to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. corporate assets and reposition Alanco as an information technology company focused on the high-growth data storage networking market. "Cash proceeds from the sale will be utilized to accelerate our Storage Area Network (SAN) market development program and to pursue complementary acquisition opportunities in the storage network market." Alanco Technologies Inc. is a publicly owned company headquartered in Scottsdale. 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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