Court Approves Acterna's Sale of Itronix to Golden Gate Capital; Acterna's Emergence from Chapter 11 On Track for Early October.Business Editors/High-Tech Writers GERMANTOWN, Md.--(BUSINESS WIRE)--Sept. 18, 2003 Acterna Corporation today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of has approved the previously announced sale of its subsidiary, Itronix Corporation, to Golden Gate Capital for $40 million in cash plus the assumption of certain liabilities. Acterna anticipates that the sale transaction will close within the next two weeks. "The Bankruptcy Court's approval of the Itronix sale represents another important step forward for Acterna, its dedicated employees and customers," said John Peeler, Acterna's 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. . "Proceeds from this transaction, together with cash on hand, provide Acterna with ample liquidity to fund its operations and serve its customers upon emergence from chapter 11 in early October." Miller Buckfire Lewis Ying & Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , financial advisor to Acterna, advised on the transaction. Weil, Gotshal & Manges LLP LLP - Lower Layer Protocol provided legal counsel. About Acterna Corporation Based in Germantown, Maryland, Acterna Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ACTRQ.OB) is the holding company for Acterna, da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. Systems and Itronix. Acterna is the world's second largest communications test and measurement company. The company offers instruments, systems, software and services used by service providers, equipment manufacturers and enterprise users to test and optimize performance of their optical transport, access, cable, data/IP and wireless networks and services. da Vinci Systems designs and markets video color correction Altering the colors in an image in order to print or display it properly or for special effects. Depending on the application, color correction can be a significant problem if the resulting image must be approved or a purchase is made because of color choice. systems to the video postproduction industry. Itronix sells ruggedized computing devices for field service applications to a range of industries. Additional information on Acterna is available at http://www.acterna.com. About Itronix Corporation Itronix is a world-class developer of wireless, rugged computing solutions for mobile workers, which distinguishes itself in the market through its superior implementation capabilities and supporting services. Itronix has a full range of wireless field computing systems, from handhelds, to laptops to tablet PCs, in addition to providing award-winning iCare(TM) Implementation Services that range from project planning and management to first-line help desk support. Itronix serves mobile workers in markets such as commercial field service, telecommunications, utilities, insurance, government, public safety, and meter reading. Itronix's worldwide headquarters are located in Spokane, Washington. The corporation's European operations, Itronix Ltd., are located in Coventry, U.K., with sales operation offices in Frankfurt, Germany and Paris, France. Additional information is available on the Itronix web site at www.itronix.com. Certain statements contained herein constitute "forward-looking statements" as that term is defined under 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be different from those contemplated. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting such statements. |
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