Printer Friendly

APERTUS ANNOUNCES SALE OF FORMER HEADQUARTERS

 MINNEAPOLIS, Oct. 28 /PRNewswire/ -- Apertus Technologies Incorporated (NASDAQ: APTS) today announced the sale of its former headquarters to Best Buy Co., Inc. (NYSE: BBY), a major retail electronics company located in Minneapolis. Under the terms of the transaction, Apertus will carry a contract for deed for three years. In return, Best Buy will make interest payments for three years, with a final balloon payment in June 1996 for $8.7 million. Apertus also has assumed liability for Best Buy's former headquarters through April 1996. The net effect of this transaction will result in an approximately $1 million charge to earnings in the third quarter.
 "The building, for sale since April 1990, was the last financial concern relative to the restructuring of Lee Data and Apertus," said Robert Gordon, CEO for Apertus. "The long term interest of Apertus shareholders are well served by this transaction through the elimination of the $1.5 million annual costs associated with owning a large vacant facility for an undetermined period of time."
 Apertus Technologies Incorporated is a leading supplier of communication systems and enabling technology tools that facilitate communications across diverse computing environments with large enterprise networks. Apertus' Internetworking Group provides high performance network gateways that facilitate LAN-to-IBM mainframe interoperability. Apertus' Enterprise Systems Group provides server- based software tools that integrate mainframe-based legacy systems into client/server applications. The company is headquartered in suburban Minneapolis and has 15 sales and service offices throughout North America.
 -0- 10/28/93
 /CONTACT: Julie Cummins Brady, investor relations, of Apertus Technologies, 612-828-0301/
 (APTS BBY)


CO: Apertus Technologies, Inc.; Best Buy Co., Inc. ST: Minnesota IN: TLS REA SU:

DS-AL -- MN004 -- 7798 10/28/93 10:33 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993
Words:279
Previous Article:SAFEGUARD HEALTH ENTERPRISES INC. SUBSIDIARY ANNOUNCES FORMATION OF PPO
Next Article:MGIC INVESTMENT CORPORATION DECLARESTWO-FOR-ONE STOCK SPLIT, INCREASES CASH DIVIDEND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters