Cubic Corp. sells toll business subsidiary.SAN DIEGO--(BUSINESS WIRE)--May 16, 1996--Cubic Corp. and Syntonic syn·ton·ic adj. Characterized by a normal emotional responsiveness to the environment. Technology Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Science Applications International Corp. (SAIC SAIC - http://saic.com. ), announced Thursday that Syntonic has acquired Cubic Toll Systems Inc., a wholly owned subsidiary of Cubic Corp. and a member of its Revenue Collection Group. Terms of the transaction were not disclosed. Cubic Automatic Revenue Collection Group, a wholly-owned subsidiary of Cubic, also entered into separate agreements with Syntonic Technology Inc. for the manufacture of toll road equipment for Syntonic. The two companies also have agreed to cooperate on future transportation-related opportunities. John Lincoln, president and chief executive officer of Cubic Automatic Revenue Collection Group, said that the sale of the subsidiary and the separate cooperation agreements will allow Cubic to concentrate on its growing mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a marketplace, the major focus of its revenue collection group of companies. Cubic Toll Systems Inc. employs 110 people at various locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . SAIC and its subsidiaries have 21,000 employees in more than 350 locations worldwide. Cubic Corp. and SAIC are located in San Diego, Calif. Syntonic Technology Inc. is located in Harrisburg, Pa. CONTACT: Cubic Corp., San Diego Gerry Reeves, 619/277-6780, Pager 619/447-2582 |
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