PRINCETON ELECTRONIC PRODUCTS EXCHANGES SHARES WITH APOGEE ROBOTICS INC.
PHOENIX, June 3 /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 200,000 shares of its common stock for 666,667 shares of Apogee common stock. Apogee Robotics Inc., based in Ft. Collins., Colo., designs, manufactures and installs automated guided vehicle systems used in automated factories, institutions and offices. Apogee reported revenues of $1,660,274 for the nine-month period ended March 31, 1993, with a net loss of $170,104, or $.02 per share, for the same period. Robert Oliphant, chairman of the board of Apogee, said, "The share exchange with Princeton will strengthen our net worth and add shareholder value through diversification." In yesterday's trading Apogee stock closed at a bid price of $.41 per share while Princeton closed at $1.44 per share. "This exchange of shares allows us to further diversify our balance sheet while providing an opportunity to build an alliance with a company that has complementary products in the high-tech area," said Dale Eyman, chairman of the board of Princeton. Princeton Electronic Products Inc. manufactures and sells a series of digital, real-time video signal line rate converters. Another operating division, Princeton American Equities Inc., provides investment banking, securities broker/dealer and realty brokerage services. -0- 6/3/93 /CONTACT: Dale E. Eyman, chairman of Princeton Electronic Products, 800-966-7865; Robert Oliphant, chairman of Apogee Robotics, 303-221-1122; 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 IN: CPR SU:
JB-EH -- LA026 -- 4977 06/03/93 12:14 EDT
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|Date:||Jun 3, 1993|
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