RADIATION SYSTEMS, INC., ANNOUNCES AGREEMENT WITH PARKER COMMUNICATIONS SYSTEMS, INC.
STERLING, Va., Sept. 24 /PRNewswire/ -- Radiation Systems, Inc. (NASDAQ-NMS: RADS), today announced that it has reached agreement with Parker Communications Systems, Inc., of Tampa, Fla., to provide and install in-store advertising systems in grocery stores throughout the United States. The first phase of this agreement is estimated to be worth $6 million and calls for Radiation Systems to provide, install, and finance each store system, consisting of satellite antennas and receiving equipment, television sets, computers and related hardware, upon demonstration by Parker that advertising contracts have been obtained. The first phase of this agreement is expected to be completed over an 18-month period. Radiation Systems will maintain representation on the board of Parker Communications as well as receive options to acquire up to 10 percent of Parker's stock. Richard E. Thomas, chairman and chief executive officer, said he was pleased to be working with Parker Communications and believed the initial systems offer significant potential for growth. Thomas noted that Radiation Systems was the exclusive provider of satellite equipment and system installation for the first 60 Parker installations and will be the exclusive provider of satellite antennas, receiving equipment and installation for Parker. Thomas has been impressed with the advertiser acceptance of these systems as well as the thorough research into the system design and customer needs performed by Parker Communications. Radiation Systems, Inc., designs, manufactures and installs a broad range of antenna turnkey systems and components for radar, air traffic control, tactical military, satellite communications, terrestrial microwave, and other specialized uses throughout the world. -0- 9/24/93 /CONTACT: Richard E. Thomas, chairman and CEO, or Mark D. Funston, chief financial officer, 703-450-5680; or Douglas Poretz, corporate PR, 703-506-1778, all of Radiation Systems/ (RADS)
CO: Radiation Systems, Inc.; Parker Communications Systems, Inc. ST: Virginia IN: CPR SU:
IH-DC -- DC001 -- 5305 09/24/93 08:58 EDT
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|Date:||Sep 24, 1993|
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