Printer Friendly

THE ALPINE GROUP, INC. AND SUPERIOR TELETEC INC. ANNOUNCE COMPLETION OF MERGER

 NEW YORK and ATLANTA, Nov. 10 /PRNewswire/ -- The Alpine Group, Inc. (AMEX: AGI) and Superior TeleTec Inc. (AMEX: STT) jointly announced today the completion of the previously announced merger of the two companies, under which Superior TeleTec has become a wholly owned subsidiary of Alpine.
 Under the final terms of the merger agreement and based upon Alpine's trading price over the past 20 days, Superior TeleTec shareholders will receive .696 of a share of Alpine Common Stock for each Superior TeleTec share, or may elect to receive .461 of an Alpine share plus $2.50 in cash. The maximum amount of Superior TeleTec shares which may receive the $2.50 payment will be limited to 80 percent of the outstanding shares. To the extent that more than 80 percent of the Superior TeleTec shareholders make the stock and cash election, a proportionate amount of the $2.50 payment (but not more than $.50) will be made in an equivalent value of Alpine shares.
 Superior TeleTec shareholders will be permitted to make their elections at any time through Jan. 10, 1994. Letters of transmittal are expected to be mailed to Superior TeleTec shareholders shortly. Steven S. Elbaum, Chairman and Chief Executive Officer of The Alpine Group, Inc., stated, "This successful merger with Superior TeleTec provides Alpine with a larger revenue base, strengthened balance sheet and improved management depth to enable Alpine to execute our long-term growth strategy and build value for our shareholders. We are pleased to welcome Jim Kanely to Alpine's management team and believe that his significant experience in low cost, high volume manufacturing will help to accelerate the commercialization of our proprietary PolyVision(TM) flat panel display technology." James R. Kanely, formerly Chairman and Chief Executive Officer of Superior TeleTec Inc., has been elected President and Chief Operating Officer of Alpine.
 The Alpine Group, Inc., headquartered in New York, is a holding company with continuing operations in information display, telecommunications, defense electronics and datacommunications businesses. Through its Alpine PolyVision, Inc. subsidiary, Alpine is developing PolyVision, a proprietary flat panel display technology, for commercial applications in a wide variety of markets. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets. Superior TeleTec Inc. manufactures and sells telecommunications products, including copper wire and cable and fiber optic products, primarily to the independent telephone holding companies and the Regional Bell Operating Companies. DNE Technologies, Inc. specializes in the advanced design, development and production of datacommunications, avionics, printers and other components and systems for government and commercial markets.
 -0- 11/10/93
 /CONTACT: Lynn Morgen or Bernie Kilkelly of Morgen-Walke Associates, 212-850-5600/
 (AGI STT)


CO: Alpine Group, Inc.; Superior TeleTec Inc. ST: New York, Georgia IN: TLS SU: TNM

JS-MP -- NY092 -- 2903 11/10/93 16:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 10, 1993
Words:469
Previous Article:WALLACE COMPUTER SERVICES ELECTS DIRECTORS
Next Article:NATIONAL GOLF PROPERTIES REPORTS THIRD QUARTER RESULTS FOR REVENUES AND FUNDS FLOW FROM OPERATIONS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters