CPT HOLDINGS, INC. ENTERS INTO LETTER OF INTENT TO ACQUIRE RECTICON ENTERPRISES, INC.
WASHINGTON, D.C., Jan. 8 /PRNewswire/ -- CPT Holdings, Inc. announced today that it has entered into a letter of intent to exchange shares of CPT's common stock for all of the outstanding stock of Recticon Enterprises, Inc. located in Pottstown, Penn. Recticon, founded in 1970, is one of the largest silicon wafers manufactures in the nation and has a strong customer base composed of small to medium size semiconductor manufacturers. Recticon wafers are used by university research departments and microelectronics manufacturers and are best suited for use in electronic devices employed in avionics, telecommunications and computers. At present, Recticon employs approximately 60 people and had sales of approximately $2,700,000 in its fiscal year 1992. Closing on the transaction is subject to completion of due diligence and the negotiation and execution of a definitive acquisition agreement. -0- 1/8/93 /CONTACT: William L. Remley, CPT president, 202-466-5885/
CO: CPT Holdings, Inc.; Recticon Enterprises, Inc. ST: Washington, D.C.; Pennsylvania IN: SU: TNM
KH -- MN006 -- 3113 01/08/93 15:10 EST
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|Date:||Jan 8, 1993|
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