Intek (IDCC)` Message Board

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Technology Stocks : Intek (IDCC)`

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To: David G. who wrote (96)	12/28/1997 6:38:00 PM
From: Steven Meadows	of 120

PREFERRED STOCK DEAL W/ SECURICOR PRINCETON, N.J., Dec 22 (Reuters) - Intek Diversified Corp said Monday that it has an agreement for Securicor Communications to purchase for cash about $12.5 million in Intek Series A Preferred Stock. The stock is redeemable in June, 2003 and has a coupon rate of 11-1/2 percent payable upon redemption of the preferred stock. The agreement is scheduled to be concluded prior to December 31, 1997. The preferred stock agreement gives Securicor Communications the right to convert its preferred stock holdings into common stock anytime the price of Intek common stock is above $6.00 per share for a period of 20 consecutive trading days. The agreement also provides that Intek may convert the preferred stock should its common stock trade above $9.00 per share for a similar trading period. The Company also announced it will receive an additional $2.5 million in cash from Securicor Communications under the original 1996 stock purchase agreement between the twocompanies. Securicor Communications is a subsidiary of Securicor Plc, a diversified U.K.-based company with interests in security services, parcel distribution, and wireless communications. Intek operates advanced wireless voice and data communications systems and develops, manufactures, distributes and licenses wireless communications technology and products.

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