Printer Friendly

COMPUTER NETWORK TECHNOLOGY ANNOUNCES ACQUISITION OF UK DISTRIBUTOR

COMPUTER NETWORK TECHNOLOGY ANNOUNCES ACQUISITION OF UK DISTRIBUTOR
 MAPLE GROVE, Minn., July 14 /PRNewswire/ -- Computer Network Technology Corporation (NASDAQ-NMS: CMNT)(CNT) today announced it has signed an agreement to acquire all the outstanding shares of its independent distributor in the United Kingdom, Computer Network Technology International Limited (CNTI). The aggregate purchase price will be 215,000 shares of CNT's common stock. Based on the closing price of CNT's common stock on the NASDAQ National Market System on July 13, 1992, the purchase price would be valued at approximately $780,000. The closing of this acquisition is expected to occur in late July, subject to certain closing conditions.
 Mac Lewis, CNT's president and chief executive officer, noted, "Expanding our European market presence is an important part of our growth strategy. CNTI, which began distributing our products in 1988, has established a base of large, high-profile customers and an excellent support reputation. We believe that CNTI's experience in selling and supporting our CHANNELink(TM) line of extended channel networking products will help to accelerate our expansion in Europe by providing a base for our European operations and support.
 CNTI, which had revenues in 1991 of 1.8 million pounds sterling (approximately $3.2 million), is a privately held company headquartered near London.
 Computer Network Technology Corporation develops, manufactures and markets high speed extended channel networking products for the interconnection of mainframe computers, data base computers and peripheral devices over unlimited distances. The company's common stock is traded on the NASDAQ National Market System under the symbol CMNT.
 -0- 7/14/92
 /CONTACT: John R. Brintnall of Computer Network Technology, 612-550-8000/
 (CMNT) CO: Computer Network Technology Corporation ST: Minnesota IN: CPR SU: TNM


AL -- MN012A -- 9232 07/14/92 16:02 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 14, 1992
Words:289
Previous Article:CP&L TO REDEEM BONDS
Next Article:MAGNETECH CORPORATION ANNOUNCES ACQUISITION
Topics:


Related Articles
COMPUTER NETWORK TECHNOLOGY ANNOUNCES DISTRIBUTOR IN AUSTRALIA AND NEW ZEALAND
COMPUTER NETWORK TECHNOLOGY ANNOUNCES NEW DISTRIBUTORS IN SPAIN AND PORTUGAL
COMPUTER NETWORK TECHNOLOGY COMPLETES ACQUISITION OF UK DISTRIBUTOR
COMPUTER NETWORK TECHNOLOGY ANNOUNCES HIGHER SECOND QUARTER REVENUE AND EARNINGS
COMPUTER NETWORK TECHNOLOGY ANNOUNCES THIRD QUARTER RESULTS, NEW CONTRACTS, AND NEW ITALIAN DISTRIBUTOR
IHS GROUP ACQUIRES U.K. AND AUSTRALIAN COMPANIES; THREE ACQUISITIONS TO DATE IN 1993, MORE EXPECTED
CMS ENHANCEMENTS WILL CHANGE ITS NAME TO AMERIQUEST TECHNOLOGIES INC., EFFECTIVE MARCH 31
CMS ENHANCEMENTS CHANGES ITS NAME TOAMERIQUEST TECHNOLOGIES INC. (NYSE: AQS) EFFECTIVE TODAY
MICRODYNE TO PURCHASE ASSETS OF ARTISOFT'S EAGLE TECHNOLOGY
Bell Microproducts Announces the Completion of the Acquisition of UK-Based Ideal Hardware.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters