COMARCO completes acquisition of GTE callbox assets.YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif.--(BUSINESS WIRE)--Oct. 2, 1996--COMARCO 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 :CMRO CMRO Current Medical Research and Opinion (journal) CMRO Concerned Motorcycle Riders of Ohio CMRO Canadian Mud Racing Organization CMRO Certified Medical Review Officer CMRO Complex Maintenance, Repair & Overhaul ) on Wednesday announced that it has completed the acquisition of the assets of GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Cellular Communications Corp.'s call box operation, which is managed by GTE Telecommunications Services Inc. Under the agreement, Comarco Wireless Technologies Inc., a subsidiary of COMARCO, has purchased the Emergency Roadside Call Box Operation of GTE CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. . The annual revenues of the business are approximately $5 million. The terms of this agreement required COMARCO to make an initial payment to GTE at closing, and provide for possible additional payments based on certain sales activities over the ensuing two years. The sum of these payments will be less than the net working capital of the assets acquired. Don M. Bailey, president and chief executive officer of COMARCO, said: "COMARCO is back in the call box business. This acquisition, along with the recent contract awarded to improve L.A. County's system, opens the door for significant potential migration of this technology to other counties and states. We are currently assessing this market and developing an aggressive growth plan to expand this business." -0- NOTE: COMARCO Inc. provides wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. products, as well as engineering, management and training services to the public and private sectors. CONTACT: COMARCO Inc., Yorba Linda Don M. Bailey, 714/282-3813 Shareholder Information Office 714/282-3825 |
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