Here ya go there short sellers!!!!!!!!!!!!!!!!News FLash!!!INTEL!!!!!!!!
(MRV-COMMUNICATIONS)(MRVC) MRV Communications announces Equity
Investment by Intel
Chatsworth, Calif.--(BUSINESS WIRE)--Nov. 27, 1996--MRV Communications, Inc. (NASDAQ: MRVC), a leading manufacturer of enterprise LAN connectivity and Fiber Optic Transmission products, today announced that Intel Corporation has agreed to acquire 200,000 newly issued MRV shares, at a price of $20 per share. Intel has warrants to acquire 500,000 additional MRV shares at the same price, subject to certain conditions.
The investment is an extension of the existing relationship between MRV and Intel which have worked together on LAN switching products in the past year.
Noam Lotan, president and CEO of MRV, commented: "High speed LAN switching is an important enabling technology for boosting workgroup and enterprise LAN productivity. Intel and MRV have been cooperating in this area for some time. We view this investment as an important step in a relationship that has one common goal: to produce and deliver the most effective networking solutions for customers."
With manufacturing and design centers on two continents, MRV Communications, Inc. is a leading manufacturer of LAN connectivity solutions and digital and linear fiber optic transmission products for computer networks, telephone and cable TV communications.
CONTACT: MRV Communications, Inc.
Investor Relations, 818/886-MRVC, 818/886-6782 |
