Alpha Technologies Group, Inc. Sells Connector Subsidiary to Tyco Electronics Corporation.Business Editors SOUTH PASADENA, Calif.--(BUSINESS WIRE)--Aug. 1, 2000 Alpha Technologies Group, Inc. (Nasdaq:ATGI ATGI Alpha Technologies Group, Inc. ATGi Active Technologies Group, Inc. ) announced today the sale of Uni-Star Industries, Inc., its connector subsidiary, to Tyco Electronics Corporation, a subsidiary of Tyco International Ltd. (NYSE NYSE See: New York Stock Exchange :TYC TYC Texas Youth Commission TYC Torneos Y Competencias (Argentina) TYC To Your Credit TYC Toronto Youth Cabinet (youth members of the Toronto City Council) TYC Teconnaught Youth Club (Ireland) )(LSE LSE - Language Sensitive Editor :TYI TYI Thank You India )(BSX:TYC), for $12,300,000 in cash. Alpha's Chairman and Chief Executive Officer, Lawrence Butler, said, "The sale of our connector business will allow Alpha to focus our attention on growing Wakefield Engineering, Inc., our thermal management subsidiary. Wakefield is Alpha's largest, most profitable and fastest growing business. Our strategy is to use the proceeds from the sale of Uni-Star to make acquisitions or add capacity to increase our market share in the thermal management industry." Mr. Butler noted that the transaction will result in a net after tax gain of approximately $6,300,000 (taking into effect the utilization of a portion of its net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. ) in the quarter ending July 30, 2000. Uni-Star Industries, headquartered in South Pasadena, employs approximately 126 people. Alpha was represented in the transaction by JWGenesis Capital Markets, Inc., a New York and South Florida investment bank. About Alpha Technologies Group, Inc. Alpha Technologies Group, Inc. designs, manufactures and sells thermal management products, principally heat sinks that dissipate unwanted heat generated by electronic components. Alpha also manufactures electronic sub-systems. In conjunction with the provisions of the "Safe Harbor" section 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, this press release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors which could affect Alpha Technologies Group, Inc. are included in the company's Form 10Q and Form 10K filed with the Securities and Exchange Commission. |
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