Printer Friendly

FINANCIAL MANAGEMENT FIRM ACQUIRES AND RELOCATES HONOLULU-BASED HIGH-TECH COMPANY

Marks the First Effort to Address the Conversion and Restructuring
 of California Aerospace and Defense Industry
 LOS ANGELES, June 11 /PRNewswire/ -- California Technology Enterprise Corp. (Ctec), a merchant banking and financial advisory company, announces the acquisition of Honolulu-based A+H International Inc., whose principal product, an electronic monitoring and locating device, was developed through technology transfer from a Fortune 150 defense contractor.
 With plans for A+H's immediate relocation to Southern California, this first acquisition falls in line with Ctec's mission to provide capital and management expertise for converting aerospace technology into commercial businesses.
 Ctec's plan for A+H calls for a rapid build-up of this start-up company. The first product, BeeperKid, was Gold winner of BusinessWeek's 1992 Industrial Design Excellence Award, and will be launched in early 1994. Two successive versions are scheduled for release in the ensuing 18 months. Trade inquiries have already been received from 31 countries and international distribution partners will begin sales abroad within six months after the U.S. launch. Ctec projects that sales will reach $40 million by the fifth year, which in turn is projected to translate into more than 700 jobs for Southern California.
 According to Ctec's parent company, Quarterdeck Investment Partners President John Kutler, BeeperKid, the child monitoring device, is a prototypical example of the new impetus for product development in the mid-'90s -- defense technology conversion. BeeperKid was enhanced in terms of repeatability, steady signal through barriers and other performance parameters by using aerospace/defense technology making it both unique and affordable in the commercial marketplace. The use of this technology resulted in increased performance for the product far beyond what is available in the commercial marketplace to date.
 Ctec's next project, the acquisition of a $60 million Southland aerospace defense firm already has "an agreement in principal" in place and is presently being finalized. Ctec plans are to restructure the company and make it more efficient and competitive in today's marketplace.
 Ctec and Quarterdeck were founded as a result of a need for a source of private capital to be used for developing and restructuring aerospace/defense businesses, recognized by the Los Angeles Economic Development Corp. and the Aerospace Task Force as part of their efforts to address aerospace and defense industry conversion and restructuring issues. Kutler comments, "We felt strongly that a private market solution to these issues would be feasible in that it would assist in solving major economic dislocations that have adversely impacted the highly skilled employee base and industrial capacity that are truly national assets, while returning a superior financial return to our shareholders and investors."
 -0- 6/11/93
 /CONTACT: Jon Kutler, president of Quarterdeck Investment Partners, 310-553-8312; or Stefan Pollack of The Pollack Marketing Group, (media) 310-556-4443, for California Technology Enterprise/


CO: California Technology Enterprise Corp.; A+H International Inc.;
 Quarterdeck Investment Partners ST: California, Hawaii IN: CPR ARO SU: TNM


BP-JB -- LA003 -- 1008 06/11/93 10:30 EST
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:Jun 11, 1993
Words:487
Previous Article:ANDRX ANNOUNCES NEW BOARD MEMBERS
Next Article:PIPER JAFFRAY INCOME INDEX (in percents)
Topics:


Related Articles
Financial firms move data to Newport Financial Ctr.
CONSUMER PRODUCT CO. RELOCATES ITS OPERATIONAL BASE TO LONG BEACH WORLD TRADE CENTER
INTERCOAST CAPITAL COMPANY ANNOUNCES FORMATION OF INTERCOAST INVESTMENT GROUP
Surfing the Digital Highway from Hawaii
Women.com signs lease at 417 Fifth Ave: Emmes.
MPC Computers Acquires Omni Tech Corporation's End-User Division; Combination of Two Segment-focused PC Companies Adds Scale, Wider Range of Products...
Wyle Laboratories Announces Agreement to Partner With Littlejohn & Co., LLC.
iS3 Inc. Relocates to San Jose; Recent Funding and Growth of Company Leads to New Headquarters in Downtown.

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