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UNITED CAPITAL ANNOUNCES DEFINITIVE PURCHASE AGREEMENT WITH CHU ASSOCIATES

 UNITED CAPITAL ANNOUNCES DEFINITIVE PURCHASE AGREEMENT
 WITH CHU ASSOCIATES
 NEW YORK, April 6 /PRNewswire/ -- United Capital Corp. (AMEX: ICU) announced today that it entered into a definitive agreement to purchase Chu Associates, Inc., and affiliated companies. The acquisition price of $4.3 million will be satisfied by approximately $2.5 million in cash and approximately $1.8 million in seller financed notes. Chu Associates, Inc., and affiliated companies generated approximately $13 million in revenues during 1991. The transaction is expected to be consummated shortly, subject to several conditions of closing.
 Chu Associates, Inc., is a recognized leader in the design, development and manufacture of antenna systems. This acquisition will complement United Capital's Dorne & Margolin, Inc., subsidiary, also a developer and manufacturer of communication and navigation systems. Both companies occupy their own special niche in the marketplace and seldom compete with each other. The contemplated synergism between the two companies will enhance their technical capability in research and development, as well as in manufacturing technology, strengthen their competitive position and allow the companies to complement each other in all levels of operations. This acquisition adds to United Capital's market share and revenues and is expected to have an immediate positive impact on earnings. The combination of Chu Associates, Inc., and Dorne & Margolin, Inc., will create one of the strongest and most technically capable antenna systems houses in the world.
 -0- 4/6/92
 /CONTACT: Dennis S. Rosatelli, chief financial officer of United Capital, 212-371-1781/
 (ICU) CO: United Capital Corp.; Chu Associates, Inc. ST: New Jersey, New York IN: SU:


GK-TS -- NY030 -- 5277 04/06/92 10:17 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
Words:267
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