Printer Friendly

GALAGRAPH ANNOUNCES ACQUISITION

 GALAGRAPH ANNOUNCES ACQUISITION
 TEL AVIV, Israel, May 12 /PRNewswire/ -- Galagraph Limited


(NASDAQ: Units-GALUF; shares-GALAF) (Bulletin Boards: Warrants-GALWF) announced today that it had entered into a letter of intent with a United States company whose main business is the overhaul and repair of Aeronautical Systems primarily of commercial aircraft. The purchase price of the business is approximately $2 million which includes payments of $1,400,000 payable over a 10-year period. In addition, the company will enter into a 10-year non-cancellable consulting agreement with the sole stockholder of the acquired business, which agreement will require aggregate payments of $1 million.
 Galagraph further stated that the acquired business' sales were in excess of $6 million for the year ended June 30, 1991 which resulted in a small net profit for the year.
 The transaction is subject to, among other things, the execution of a mutually satisfactory agreement and the approval of the transaction by the board of directors of Galagraph and Tataero Equipment Industries Ltd., the principal stockholder of Galagraph.
 Galagraph is a computer systems company concentrating in three areas of specialty: Graphics and Video Systems; Display Simulation and Testing Systems; and Military and Transportation Systems. As of December 31, 1991, as a result of an acquisition from its principal stockholder, Galagraph entered into the business of producing and marketing Heat Exchangers and Electronic Heat Dissipation Equipment mainly for aircraft.
 Galagraph also designs and develops graphics integrated with video and video digitization controllers for the same platforms. These products are used especially in OEM applications.
 Galagraph is involved in the development of special real-time display recording, simulation and test systems as a subcontractor of certain Israeli industries as well as Military Measurement Systems and Automotive Fleet Control Systems for "Dan," one of the largest public transportation companies in Israel.
 -0- 5/12/92
 /CONTACT: Shlomo Ostersetzer, chairman of Galagraph Limited in Tel Aviv, 972-3-455-563/
 (GALAF) CO: Galagraph Limited ST: IN: CPR SU: TNM


TQ-LR -- NY083 -- 9257 05/12/92 15:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 12, 1992
Words:330
Previous Article:SMALL BUSINESS LEGISLATIVE COUNCIL COMMENTS ON BUSH'S ANNOUNCEMENT ON IRS SIMPLIFICATION OF PAYROLL TAX DEPOSIT RULES
Next Article:PHH $25 MILLION FOUR PERCENT NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
GALAGRAPH REPORTS RESULTS
GALAGRAPH REPORTS ACQUISITION
GALAGRAPH REPORTS NET PROFIT FOR 1991
GALAGRAPH REPORTS FIRST QUARTER RESULTS
TAT TECHNOLOGIES REPORTS NAME CHANGE
TAT TECHNOLOGIES LTD. (FORMERLY GALAGRAPH LIMITED) REPORTS ACQUISITION
TAT TECHNOLOGIES ANNOUNCES ACQUISITION
TAT TECHNOLOGIES LTD. ANNOUNCES ACQUISITION
TAT TECHNOLOGIES LTD. ANNOUNCES EXTENSION OF WARRANTS
TAT Technologies Ltd. Announces Sale of Telegate Shares

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