PRINCETON ELECTRONIC PRODUCT EXCHANGES SHARES WITH APOGEE ROBOTICS INC.
PHOENIX, Aug. 23 /PRNewswire/ -- Princeton Electronic Products Inc. (NASDAQ: PELT), a 24-year-old diversified company, today announced that it has entered into an agreement with Apogee Robotics Inc. (NASDAQ: APGE) to exchange 333,334 shares of its common stock for 333,334 shares of Apogee common stock. This brings Princeton's holdings in Apogee up to 1 million shares or approximately 13.5 percent of the current number of outstanding shares. Apogee Robotics now holds 5 percent of Princeton Electronic's outstanding shares. Apogee Robotics Inc., based in Ft. Collins, Colo., designs, manufactures and installs automated guided vehicle systems used in factories, institutions and offices. Apogee provides cost-efficient, reliable and safe automated material handling systems for such companies and organizations as Levi Strauss, OEA Inc., Polaroid and Alameda County Jail, Calif. "Our diverse equity portfolio affords the opportunity for investors to capitalize on the strengths of a variety of companies by purchasing Princeton shares. Since our initial exchange of shares with Apogee, their stock price has more than doubled, increasing the value of our original holding by 120 percent," said Dale Eyman, chairman of the board of Princeton. Princeton Electronic Products Inc., headquartered in Phoenix, is a highly diversified company that specializes, through its subsidiaries, in innovative products, financial services and venture capital. -0- 8/23/93 /CONTACT: Dale E. Eyman, chairman of Princeton Electronic Products, 800-966-7865; or Shannon T. Squyres, president of Corporate Relations Group, 714-955-1860, for Princeton Electronic Products/ (PELT APGE)
CO: Princeton Electronic Products Inc.; Apogee Robotics Inc. ST: Arizona, Colorado IN: CPR SU: TNM
BP-LM -- LA007 -- 4947 08/23/93 09:30 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 23, 1993|
|Previous Article:||JOHN GEORGES AND LYNN MARTIN ELECTED TO RYDER BOARD|
|Next Article:||APOGEE ROBOTICS INC. EXCHANGES SHARES WITH PRINCETON ELECTRONIC PRODUCTS|