SPECTRUM TO ACQUIRE C.P.U., INC.
MANHASSET, N.Y., Nov. 15 /PRNewswire/ -- Spectrum Information Technologies, Inc. ("Spectrum")(NASDAQ-NMS: SPCL), announced today the signing of a letter of intent to acquire C.P.U., Inc., an information technology company. C.P.U. develops custom, platform-independent software solutions for Fortune 1,000 companies in the telecommunications, public utilities and engineering industries. C.P.U. has an annual run rate of approximately $18 million in revenues, and has earned a profit in each of the last eight years. C.P.U. has 300 employees and is based in Rochester, N.Y. with 6 branch offices nationwide. "Spectrum's patented wireless technology and its many years of experience will accelerate C.P.U.'s entry into the rapidly growing wireless indust ?said James P. Growney, C.P.U.'s president. Spectrum's president, Peter T. Caserta said, "Technical solutions services will be a key factor in fulfilling wireless solutions of the future. C.P.U. is the second such acquisition in the past two weeks, the first of which was Yield TechniGlobal." John Sculley, Spectrum's CEO stated, "Combining Yield TechniGlobal's 200 technical personnel with C.P.U.'s 300 technical personnel is a key step towards strengthening Spectrum's technological role in the wireless industry as well as a means of providing additional revenue and cash flow." Spectrum Information Technologies, Inc., a pioneer in cellular data communications, developed the first commercially successful cellular modem, and holds a portfolio of basic patents in the field of cellular modem technology. Spectrum currently licenses its patented technology to market leaders in the rapidly expanding cellular data market, such as Rockwell International, AT&T (including McCaw Cellular Communications, NCR, EO, AT&T Paradyne, AT&T Microelectronics and AT&T Consumer Products), U.S. Robotics, Megahertz and Apex Data. Spectrum Information Technologies, Inc. is headquartered in Manhasset, N.Y., with facilities nationwide. -0- 11/15/93 /CONTACT: Dae H. Chang (media), 516-627-8992, ext. 136, or A. Werner Pleus (investors), 516-627-8992, ext. 112, both of Spectrum Information Technologies/ (SPCL)
CO: Spectrum Information Technologies ST: New York IN: TLS SU: TNM
SH -- NY052 -- 4372 11/15/93 11:39 EST
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|Date:||Nov 15, 1993|
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