Applied Cellular plans Inteletek IPO
February 3, 1999 07:32 AM
PALM BEACH, Fla., Feb 3 (Reuters) - Communications systems provider Applied Cellular Technology, Inc. on Wednesday said its board approved a company restructuring, including the spin-off of Inteletek, Inc., its computer group.
The initial public offering is subject to market conditions and the company is interviewing banking firms for advice and assistance. Applied Cellular intends to maintain majority ownership in Inteletek for the foreseeable future.
Applied Cellular's Chairman & chief executive officer Richard J. Sullivan said, "Inteletek has grown profitably over the last two years, with annual revenues increasing from $20 million in 1996 to approximately $65 million last year. The launch of Inteletek's Web site in January, www.intelesale.com, demonstrates that it is ready to exploit the full potential of the Internet to expand its customer base and brand name recognition worldwide."
In Nasdaq trading Tuesday, its shares closed at 2-15/16. ((New York Newsdesk, 212-859-1700)) REUTERS
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