Power Spectra, Inc. Suspends Operations, Pending Additional Financing.SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 27, 1998--Power Spectra, Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:PWSP PWSP Pillsbury Winthrop Shaw Pittman LLP (law firm) PWSP Potable Water Supply Point PWSP Psychological Warfare Society ) announced that effective today it has laid off all employees due to the lack of operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets , pending the securing of additional financing. The company is aggressively pursuing multiple other financing opportunities. Power Spectra, headquartered in Sunnyvale, designs and manufactures ground penetrating radar (GPR (Ground Penetrating Radar) A UWB-based technology that locates objects buried underground. It is used to locate buried lines, storage tanks, pipes and conduits as well as to determine the structural integrity of the ground underneath a road or runway. ) systems, laser rangefinders, and high-output-power impulse generators for industrial and military applications, which utilize its proprietary high-speed gallium arsenide (GaAs) switching devices.
CONTACT: Power Spectra, Inc.
Ed Lamb, 408/737-7977
or
Ted Michel Associates
Ted Michel, 510/450-0844
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