COMPUTER NETWORK TECHNOLOGY CORPORATION ANNOUNCES CLOSING OF ACQUISITION OF ULTRA NETWORK TECHNOLOGIES, INC.
MAPLE GROVE, Minn., July 1 /PRNewswire/ -- Computer Network Technology Corporation (NASDAQ-NMS: CMNT) (CNT) today announced that CNT and Ultra Network Technologies, Inc. (Ultra) have closed the acquisition by CNT of the business of Ultra in exchange for issuing 425,115 shares of CNT's common stock (valued at approximately $2.8 million based on the closing price of $6.63 per share on June 30, 1993), and the assumption of certain liabilities. Ultra Network Technologies, Inc., which had revenue in 1992 of approximately $13 million, is a privately held company headquartered in San Jose, Calif. Ultra's principal products include the UltraNet Hub 1000 with supercomputer and IBM host channel interfaces and the UltraNet Hub 250 for high performance workstation networks. Computer Network Technology Corporation, a leader in the channel networking industry with over $34 million in 1992 revenue, develops, manufactures and markets high speed channel networking systems. These systems serve the data networking needs of many of the world's largest corporations by connecting high performance computers, peripheral devices and LAN-based networks in enterprise-wide backbone networks. CNT's common stock is traded on the NASDAQ National Market System under the symbol CMNT. -0- 7/1/93 /CONTACT: John R. Brintnall of Computer Network Technology, 612-550-8110/ (CMNT)
CO: Computer Network Technology Corporation ST: Minnesota IN: CPR SU: TNM
AL -- MN020 -- 7846 07/01/93 15:13 EDT
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|Date:||Jul 1, 1993|
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