AMERICAN PRESIDENT COMPANIES ANNOUNCES SALE OF ITS REMAINING SHARES IN AMTECH CORP.
OAKLAND, Calif., April 13 /PRNewswire/ -- American President Companies Ltd. (APC) (NYSE: APS) today announced that on April 12, 1993, the company sold its remaining 377,011 shares in Amtech Corp. (NASDAQ-NMS: AMTC), resulting in a pre-tax gain of $8.9 million. APC invested in Amtech in 1988 in order to support the development phase of Amtech's automatic equipment identification (AEI) technology and its application to APC's business. APC believes that Amtech is now established in the AEI industry and its products have been accepted as standards for many applications. As previously announced, APC has a five-year agreement with Amtech for purchases of AEI tags and readers, software and associated services, pursuant to which APC has placed an initial order for 100,000 AEI tags to be delivered during 1993. APC also continues to hold an interest in Amtech Logistics which is developing related data services. Based in Oakland, American President Companies Ltd. provides container transportation services in Asia, North America and the Middle East through an intermodal system combining ocean, rail and truck transportation. -0- 4/13/93 /CONTACT: Randall K. Gausman of APC, 510-272-8284/ (APS AMTC)
CO: American President Companies Ltd.; Amtech Corp. ST: California IN: TRN SU:
GT -- SF013 -- 5467 04/13/93 22:11 EDT
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|Date:||Apr 13, 1993|
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