Cognitronics Tells Stockholders of New Contract Award
DANBURY, Conn., May 14 /PRNewswire/ -- Cognitronics Corporation (Amex: CGN - news) told its stockholders today
that its UK-based subsidiary, Dacon Electronics Plc, has been selected by a major customer in the British telecommunications
industry to supply additional products expected to result in sales in excess of $1.5 million annually over the next few years.
Deliveries of the products are expected to begin in the third quarter of 1998 and are subject to the receipt of definitive purchase
orders.
''We are pleased with the opportunity to increase our relationship with this customer following a competitive bidding process,''
Brian J. Kelley, president and chief executive officer of Cognitronics, told stockholders this morning at the annual meeting.
''This award offers substantial sales opportunities in the UK telecommunications market in the ensuing years.''
At the annual meeting, stockholders re-elected the seven directors to serve for the ensuing year and voted to approve the
amendments to the company's stock option and restricted stock plans and the selection of Ernst & Young LLP as its
independent auditors.
Statements contained herein which are not historical facts are forward-looking statements. The forward-looking statements in
this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve a number of risks and uncertainties including, but not limited to, variability of sales volume
quarter to quarter, product demand, market acceptance, litigation, risk of dependence on significant customers, third party
suppliers and intellectual property rights, risks in product and technology development and other risk factors detailed in the
company's Securities and Exchange Commission filings.
Cognitronics is a leading manufacturer and supplier of voice information systems, including telephone network and call
management products, to telephone operating companies, other telecommunications providers and original equipment
manufacturers.
SOURCE: Cognitronics Corporation |
