RADIATION SYSTEMS ANNOUNCES ACQUISITION OF ANGHEL LABORATORIES, INC.
RADIATION SYSTEMS ANNOUNCES ACQUISITION OF ANGHEL LABORATORIES, INC. STERLING, Va., Sept. 16 /PRNewswire/ -- Radiation Systems, Inc. (NASDAQ-NMS: RADS), today announced that it has signed a memorandum of understanding to acquire Anghel Laboratories, Inc., a publicly owned manufacturer of specialized components used in antenna systems. Richard E. Thomas, chairman and president of Radiation Systems, said the acquisition "continues the process of vertically integrating our company as a provider of turnkey communication systems to customers worldwide." He said all of the assets of Anghel Laboratories, based in Rockaway, N.J., will be acquired for $3.0 million, plus incentives, over a six-year period, subject to approval of the directors and shareholders of Anghel. Thomas said that Anghel's revenues are approximately $6.0 million and its backlog, approximately $3.5 million. Thomas said Anghel will add to the company's fiscal 1993 earnings both through sales of its own products and by helping increase sales of turnkey systems. "Anghel designs and manufactures a line of high quality products, many of which we purchase to integrate into Radiation Systems' products," Thomas said. He said the products include satellite frequency converters, microwave components and integrated assemblies used in communications, navigation, radar and missile guidance systems. "This acquisition increases the product content of the communications systems Radiation Systems supplies," Thomas said. "As such, it is consistent with our long-term goal of becoming more vertically integrated and improving our profit margins as we grow." 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 broadcast and other specialized uses throughout the world. -0- 9/16/92 /CONTACT: Richard E. Thomas, chairman and CEO, 703-450-5680, Mark D. Funston, chief financial officer, or Douglas Poretz, corporate PR, 703-506-1778, all of Radiation Systems, Inc./ CO: Radiation Systems, Inc.; Anghel Laboratories, Inc. ST: Virginia IN: CPR SU: TNM
KD -- DC035 -- 0277 09/16/92 16:04 EDT
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|Date:||Sep 16, 1992|
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