Allied Motion Technologies Announces Sale of Its Calibrator Business.Business Editors DENVER--(BUSINESS WIRE)--March 11, 2003 Allied Motion 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 : AMOT AMOT Aegis Master Operability Test AMOT ATES Master Operability Test ) (formerly Hathaway Corporation) announced today it has completed the sale of its Calibrator calibrator an instrument for dilating a tubular structure or for determining the caliber of such a structure. Business to a subsidiary of Martel Electronics Corp. of Londonderry, New Hampshire Londonderry, New Hampshire is a town located in the western part of Rockingham County, New Hampshire, USA. The town is bordered on the north by Manchester, New Hampshire and on the east by Derry, New Hampshire. The population was 23,236 at the 2000 census. , for $250,000. Allied Motion will not recognize a gain or loss from the sale after selling expenses due to a writedown of the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the Calibrator Business to its estimated fair value at September 30, 2002. For the six-month short fiscal period ended December 31, 2002, and the fiscal year ended June 30, 2002, the Calibrator Business reported a pretax loss pretax loss A loss reported before tax benefits are considered. of $534,000 and $614,000, respectively, before corporate charges. The results for the six-month short fiscal period ended December 31, 2002, include a writedown of the carrying value of the Calibrator Business and operating losses. "The sale of the Calibrator Business completes the divestiture of the Company's Power and Process segment," commented Dick Smith, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allied Motion, "and allows us to focus on our strategy of growing our motion business. Our success will come from growth through technical expertise, vigorous implementation of lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. initiatives including cellular manufacturing, and strategic off-shore material sourcing. We also continue to actively pursue new acquisition opportunities to further our expansion in the motion industry." The statements in this press release that relate to future plans, events or performance are "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. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include international, national and local general business and economic conditions in the Company's motion control markets, introduction of new technologies, products and competitors, success in making acquisitions of motion control businesses, the ability to protect the Company's intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, the continued success of the Company's customers to allow the Company to realize revenues from its order backlog and to support the Company's expected delivery schedules, the ability of the Company to meet the technical specifications of its motion customers, the continued availability of parts and components, increased competition and changes in competitor responses to the Company's products and services, changes in government regulations and the ability to attract and retain qualified personnel. Actual results, events and performance may differ materially from the Company's forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward-looking statements, whether as a result of new information, future events, or otherwise. |
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