Thursday September 25 8:01 AM EDT
Company Press Release
Microdyne Negotiates End of Royalty Obligations to Attachmate
ALEXANDRIA, Va., Sept. 25 /PRNewswire/ -- Microdyne Corporation (Nasdaq:MCDY) today said it has signed an agreement with Attachmate Corporation
ending its royalty obligations to that company for the sale of Token Ring products. The agreement eliminates approximately $700,000 of net remaining minimum
royalty obligations under a 1994 agreement, currently carried on Microdyne's balance sheet as a long-term obligation.
In June 1997, Microdyne announced it would exit the networking business and sell the constituent product lines of its Networking Products Division. Today's
announcement is part of that strategy.
Michael E. Jalbert, Microdyne's President and Chief Executive Officer, said Microdyne continues to negotiate the sale of other parts of the business, and will
announce other sales as they occur.
About Microdyne
Headquartered in Alexandria, Virginia, and with offices and representatives around the world, Microdyne Corporation is a diversified manufacturing, technology,
and services company. Microdyne's Aerospace Telemetry Division is the world's premier developer and manufacturer of telemetry receivers; the specialized
high-frequency radios used in aerospace and satellite communications. Microdyne Support Services Division is a provider of value-added outsourced services,
including telephone technical support, and warranty and after-warranty service depots.
Microdyne's shares are traded on the Nasdaq Stock Market; symbol MCDY. For additional information on the company, please visit Microdyne's Web site at
www.microdyne.com.
SOURCE Microdyne Corporation |
