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REMEC INC. ACQUIRES OPTION TO PURCHASE 51.5 PERCENT OF THE OUTSTANDING STOCK OF HUMPHREY INC. FROM MAJORITY SHAREHOLDER

 SAN DIEGO, Aug. 12 /PRNewswire/ -- Humphrey Inc. (NASDAQ: HUPH) today announced that Remec Inc. has acquired an option to purchase 515,280 shares of the outstanding common stock of Humphrey, constituting 51.5 percent of the total number of outstanding shares of common stock of Humphrey. Remec acquired the option from Paul E. Humphrey, president, chairman of the board, majority shareholder and founder of Humphrey.
 Under the terms of the option, Remec has the right, exercisable at any time on or before Dec. 31, 1993, to acquire all but not less than all of the shares at a price of $6.00 per share.
 Remec has submitted an offer to the board of directors of Humphrey for the acquisition of all of the outstanding stock of Humphrey in a cash merger at the same price as the option.
 "The purchase of the option from Mr. Humphrey is the first step in our current plan to acquire all of the outstanding stock of Humphrey," said Ronald E. Ragland, chairman and chief executive officer of Remec.
 Such a merger must be approved by the board of directors and shareholders of Humphrey.
 The Remec merger offer provides for Humphrey to be operated as a wholly owned subsidiary of Remec retaining the name Humphrey Inc. in all of its operations.
 Remec is a privately held defense electronics company with annual revenues of over $30 million and over 525 employees, all located in San Diego.
 Humphrey Inc. is a leading supplier of gyroscopes and electromechanical devices to the aerospace, defense, oceanographic, petroleum and mining industries with sales and representation worldwide. Revenues are approximately $24 million annually and employees number about 315, all located in San Diego.
 -0- 8/12/93
 /CONTACT: D.J. Streed, corporate secretary & director of communications of Humphrey, 619-565-6631; or Thomas A. George, CFO of Remec, 619-560-1301/
 (HUPH)


CO: Humphrey Inc.; Remec Inc. ST: California IN: ARO SU: TNM

JL-MF -- SD001 -- 2020 08/12/93 09:31 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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