Not good news... although it could be worse -
Friday September 26 8:01 AM EDT
Company Press Release
Pen Interconnect Announces Clarification on Recent Agreement with L3 Communications
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 26, 1997--Pen Interconnect Chief Executive Officer Jim Pendleton said Friday that the company's Sept. 2, 1997
announcement of a multi-million dollar agreement with L3 Communications (Salt Lake City) for Pen's UPS systems should be described as a multi-million dollar
Purchase Order/Letter of Intent and not a ``contract'' or ``award.''
Pendleton further clarified that L3's Purchase Order is for the first 2,500 UPS systems currently in production and scheduled to begin shipping to L3 in October, and
that the Letter of Intent is for the purchase of a total of 250,000 UPS systems through the first quarter of 1999.
Pen's UPS (uninterruptible power supplies) systems will be used on L3's wireless, line-of-sight telecommunications systems. The UPS products were designed by
Pen's PowerStream division to ensure a consistent power source especially in regions of the world where blackouts and brownouts are common occurrences.
With headquarters in Salt Lake City and divisions in Tustin, Calif., and Orem, Utah, Pen Interconnect is a total interconnections solutions provider, offering internal
and external custom cable and harness interconnections, power supply and battery charger design, mobile interconnects and EMSI (electronic manufacturing
services industry) manufacturing for OEMs in the computer, peripherals, telecommunications, instrumentation, medical and testing equipment industries. |
