Boonton Electronics sells treasury shares to GMME.PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 27, 1996--On Feb. 23, 1996, in accordance with the Letter of Intent dated Jan. 14, 1996, by and between Boonton(TM) Electronics Corp. (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 Over-The-Counter Bulletin Board symbol "BOON") and General de Mesure et det Maintenance Electronique, S.A. (GMME GMME Groupe de Météorologie à Moyenne Échelle ), G.E.M. USA Inc., a Delaware corporation and wholly-owned subsidiary of GMME, purchased 180,300 treasury shares for three dollars and twelve and one-half cents ($3.125) per share. In conjunction with the above, the employment contract of Holmes Bailey, president and 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. , will not be renewed and Otto H. York Otto H. York was a distinguished chemical engineer, entrepreneur and philanthropist. Otto H. York of Madison, NJ., was an alumni of Purdue University, where he received a B.S. in Chemical engineering in 1934. , chairman of the board, will serve as president of the corporation in the interim. For more information, contact BOONTON ELECTRONICS CORP., 25 Eastmans Road, P.O. Box 465, Parsippany, N.J. 07054-0465, or call 201/386-9696. Fax: 201/386-9191. E-mail: boonton@boonton.com. CONTACT: Boonton Electronics Corp., Parsippany John Titterton, 201/386-9696 |
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