California Microwave and Microwave Networks remove share price contingencies.SUNNYVALE, Calif.--(BUSINESS WIRE)--May 1, 1995--CALIFORNIA MICROWAVE, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq National Market: CMIC CMIC CPU Management Interface Controller CMIC Caucasus Media Investigations Center (Baku, Azerbaijan) CMIC Combined Military Interrogation Center (Vietnam) CMIC Configuration Management Information Center ) announced that it and Microwave Networks Incorporated (MNI See Merom New Instructions. ) have agreed to remove the share price contingencies from the definitive merger agreement that the companies signed in January 1995 and to increase the number of California Microwave shares issuable to MNI shareholders and option holders from 3,350,000 to 3,475,000. The transaction, which will be accounted for as a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free , is expected to close in late May 1995. The acquisition is expected to be non-dilutive to California Microwave's future earnings per share. MNI is a privately held, Houston-based manufacturer of microwave radios primarily for the international cellular market. Share Price "Collar" Eliminated Under the original agreement, both companies had the right to terminate the merger agreement subject to the other company's right to complete the transaction by an adjustment in the number of shares to be issued, depending on the average trading price Trading price The price at which a security is currently selling. of California Microwave common stock during a specified period. Under the new agreement, with the number of California Microwave shares now fixed at 3,475,000, the share price "collar" no longer applies. The transaction is subject to approvals by both California Microwave's and MNI's shareholders. California Microwave, Inc. is a leader in satellite and 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. . Founded in 1968, the company operates facilities in seven states and sells into more than 75 countries. California Microwave is the leading US supplier of telecommunications satellite earth stations and microwave radios used in wireless communications. Its strategy calls for significant expansion in wireless, which reached 41% of total sales in the first three quarters of California Microwave's 1995 fiscal year. CONTACT: California Microwave Inc. Stephanie M. Day, 408/720-6229 or William Dunk Partners Deborah Passik, 214/960-9611 or Microwave Networks Incorporated Wendy Yang yang (yang) [Chinese] in Chinese philosophy, the active, positive, masculine principle that is complementary to yin; see yin, under principle. , 713/495-7123 |
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