Applied Cellular completes acquisition of Norcom Resources Inc.; expanded group should contribute revenues of $20 to $25 million and 3 cents to 5 cents earnings per share in 1997.NIXA, Mo.--(BUSINESS WIRE)--April 2, 1997--Applied Cellular Technology 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 :ACTC ACTC Apple Certified Technical Coordinator ACTC Almaden Cycle Touring Club ACTC Associated Colleges of the Twin Cities ACTC All Ceylon Tamil Congress (Sri Lanka) ACTC Association Canadienne de Télévision par Câble ) Wednesday announced that its subsidiary, Burlington, N.J.-based Universal Commodities Corp. (UCC An abbreviation for the Uniform Commercial Code. ), has completed the acquisition of privately-held Norcom Resources Inc. of Minneapolis. The completed transaction will have an effective accounting date of Jan. 1, 1997 and will be accounted for as a purchase. Terms of the acquisition were not disclosed. Combined with the recently announced purchase of Pizarro Re-Marketing Inc., this acquisition further expands the company's computer hardware and services group. ACTC believes the expanded group should have a significant favorable impact on its overall 1997 performance, contributing $20 to $25 million in revenue and 3 cents to 5 cents in earnings per share. The earnings per share contribution is based upon the current weighted average share base of 7.4 million shares outstanding. Norcom Resources is a computer equipment brokerage company, specializing in mainframes and related data center hardware. Norcom's offerings also include technical center and field engineering services, field technical support, parts support and consulting. The company has recently been expanded into maintenance support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , PC sales and network system support services. Universal Commodities Corp., is a buyer, seller and renter of new, off-line and off-lease computer systems ranging from mainframes to PCs and related peripheral equipment and devices. UCC is also a parts supplier and purchaser of electronic components and other scrap for de-manufacturing and reclamation of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , steel, aluminum and copper. UCC was acquired by Applied Cellular in November 1996. Applied Cellular Technology Chairman and Chief Executive Officer Richard J. Sullivan, commented: "The complementary additions of Norcom Resources and Pizarro Re-Marketing to UCC will provide the company with unprecedented industry strength. The computer hardware and services group of Applied Cellular is now uniquely positioned within the U.S. market to rapidly service a marketplace that is diversified and continually seeking full-line service and parts providers in both PC and mainframe market segments." Applied Cellular Technology is a diversified technology company specializing in communication interconnect technologies, computer aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. products, and customized electrical component installation and manufacturing. -0- Statements about the company's future expectations, including future revenues and earnings and all other statements in this news release other than historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in 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. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results. CONTACT: Allen & Caron Inc. Rene Caron (investor relations Investor relations The process by which the corporation communicates with its investors. ) Owen Daley (media) 714/252-8440 |
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