OPTICAL RADIATION CORP. POSTPONES SPIN-OFF OF CONSUMER OPTICAL GROUP
OPTICAL RADIATION CORP. POSTPONES SPIN-OFF
OF CONSUMER OPTICAL GROUP
AZUSA, Calif., June 26 /PRNewswire/ -- Optical Radiation Corp. (NASDAQ: ORCO) said today its board of directors has postponed previously announced plans to spin-off its Consumer Optical Group as a free-standing public company.
Richard D. Wood, president and chief executive officer, said no new date has been set for the spin-off, which originally was planned to be completed by the close of the company's fiscal year, July 31, 1992. Wood also stated that the postponement will "allow senior management to better focus its attention on the company's day-to-day operations. While management continues to believe that the spin-off is ultimately in the best interests of the company and its shareholders, an expected completion date cannot be established at this time."
Optical Radiation designs and manufactures a wide range of precision optical components and systems for medical, industrial and scientific applications.
/CONTACT: Richard D. Wood, president and CEO of Optical Radiation, 818-969-3344; or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Optical Radiation/
(ORCO) CO: Optical Radiation Corp. ST: California IN: MTC SU: KJ-JL -- LA004 -- 4092 06/26/92 09:00 EDT