A dead thread. Picked up some ODETA at 14 1/16 two days ago on news that they are spinning off and IPOing their Interis subsidiary:
biz.yahoo.com
Monday December 20, 9:17 am Eastern Time
Company Press Release
Odetics Plans to Spin-Off Iteris Inc. Subsidiary Prior to IPO
ANAHEIM, Calif.--(BUSINESS WIRE)--Dec. 20, 1999--Odetics Inc. (NASDAQ:ODETA - news; NASDAQ:ODETB - news) Monday announced plans to spin-off its 93% interest in Iteris Inc. (formerly known as Odetics ITS Inc.) immediately prior to and conditioned upon the initial public offering of Iteris, separately announced today.
Odetics plans to complete the spin-off by means of a dividend distribution of all of its Iteris common stock to the Odetics Class A and Class B common stockholders. The exact timing and the distribution ratio of Iteris shares to the Odetics stockholders are not known at this time. Odetics previously announced that it had received a private letter ruling from the Internal Revenue Service treating the planned distribution of Iteris as tax free under section 355 of the Internal Revenue Code. All of the Iteris common stock distributed to Odetics' stockholders will be subject to a restriction on transfer for a period of 180 days following the initial public offering of Iteris.
``The spin-off of Iteris is consistent with Odetics' incubator strategy and will provide Iteris greater access to capital, enabling it to expand more quickly and efficiently than it would as a subsidiary of Odetics. After the spin-off, Odetics will continue to provide certain support services to Iteris as it transitions to complete independence from Odetics,' said Greg Miner, chief operating officer of Odetics Inc.
As an incubator company, Odetics' mission is to nurture and develop companies that can be spun-off to stockholders. The Odetics' companies are leading suppliers of communications equipment for the television broadcast, video security, telecommunications and intelligent transportation systems markets. Odetics' headquarters are located in Anaheim, with additional operations in Europe and Asia.
Iteris designs, develops, markets and implements software-based solutions that improve the safety and efficiency of vehicle transportation. Iteris is a leading provider of video sensor systems and transportation management and traveler information systems for the intelligent transportation systems industry.
Important Notice:
This release contains statements, which may be deemed to be forward looking. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as: the timing and ability of Iteris to complete its initial public offering, short product lives, technological shifts, current technical issues that cannot be resolved on a timely basis, component availability, competition (including new and directly competitive products from others), pricing pressures, incorrect assumptions regarding market demand, and the significant uncertainty of market acceptance of new products by both distributors and end-user customers, and the inability of the company to execute its incubator strategy including the completion of initial public offerings of its subsidiaries.
Investors are strongly encouraged to review the risk factors set forth in the company's Annual Report for the fiscal year ended March 31, 1999 on Form 10-K and Quarterly Report for the quarter ended Sept. 30, 1999 on Form 10-Q filed with the SEC.
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Contact:
Odetics Inc., Anaheim
Greg Miner, chief operating officer, 714/774-5000
Home Page: odetics.com |
