MTEL SELLS PAGING MANUFACTURING SUBSIDIARY IN U.K.
MTEL SELLS PAGING MANUFACTURING SUBSIDIARY IN U.K. JACKSON, Miss., June 10 /PRNewswire/ -- Mobile Telecommunication
Technologies Corp. (Mtel) (NASDAQ-NMS: MTEL) today announced that it has sold Paging Systems Ltd., its paging infrastructure manufacturing subsidiary in the United Kingdom, to Multitone Electronics PLC for an undisclosed consideration.
Mtel will continue to own and operate its main business in the United Kingdom, Inter-City Paging Ltd., which provides nationwide paging service to over 40,000 subscribers. Multitone Electronics PLC is a publicly held manufacturer of paging systems and equipment headquartered in London. Paging Systems Ltd. (PSL), also based in London, manufactures and offers a wide range of products and services including radiopaging transmitters, paging central systems, and paging systems consulting. PSL was acquired in December of 1989 in conjunction with the acquisition of Inter-City Paging Ltd., and is Mtel's only manufacturing operation. "Mtel determined in 1991 that PSL was a non-strategic business for the company," said Jai P. Bhagat, executive vice president of Mtel and chairman of PSL. "PSL's total net loss in 1991 was approximately $1.6 million or 14 percent of Mtel's total net loss for the year. In addition, PSL accounted for 19 percent of Mtel's operating loss in 1991," Bhagat said. Mtel, headquartered in Jackson, is engaged in businesses that include nationwide paging and voice messaging services (provided through SkyTel Corp.) in the United States; nationwide paging services in the United Kingdom provided by Inter-City Paging Ltd.; international messaging services provided by Mtel International, Inc.; an investment in American Mobile Satellite Corp.; and other operations. -0- 6/10/92 /CONTACT: David Allan or Kathleen Baum of Burson-Marsteller, 212-614-5163, or 212-614-4239, for Mobile Telecommunication Technologies/ (MTEL) CO: Mobile Telecommunication Technologies Corp. ST: Mississippi IN: TLS SU: TNM
CK-OS -- NY032 -- 8764 06/10/92 11:02 EDT
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|Date:||Jun 10, 1992|
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