FWIW, ECIN up 165% from $1 3/8 to $3 21/32 with today's volume of 2,391,800 shares (avg: 9000).
biz.yahoo.com
>>>Tuesday March 16, 9:12 am Eastern Time
Company Press Release
SOURCE: EMCEE Broadcast Products, Inc.
EMCEE Unveils Strategic Direction
WHITE HAVEN, Pa., March 16 /PRNewswire/ -- EMCEE Broadcast Products, Inc. (Nasdaq: ECIN - news) today announced a strategic change in direction toward improving shareholder value.
EMCEE's President and CEO, Jim DeStefano, commented on the new direction, ''We are initiating actions to overcome the erosion in our core manufacturing business and provide the company with new direction. These actions include implementing a plan to improve our position within the wireless communications business. After an exhaustive review of strategic alternatives presented by investment banking firm Howard, Lawson & Co., we will focus on expanding our current investments in two-way wireless high-speed Internet services and continue to evaluate new investment opportunities for this service.''
Under the strategic plan, EMCEE will invest in building and operating wireless high speed Internet systems in the United States. Initially, EMCEE will contract with existing spectrum holders in the 2.5 Ghz RF frequency. The broadband state-of-the-art systems will be developed to operate two-way wireless that will enable subscribers to receive Internet service at speeds more than 100 times faster than a traditional wired Internet service. Further elements of the plan include creating RF Internet Systems, Inc., a wholly owned subsidiary of EMCEE Broadcast Products, Inc. RF Internet Systems, Inc. will be the operating entity for the wireless Internet business. Presently there are wireless high speed Internet systems operating in Seattle, Phoenix, Denver, Colorado Springs, Detroit and San Francisco.
''We recognize the fact that this aggressive plan has challenges, but we are confident that our strategic direction will advance the growth of the Company and increase shareholder value over the long term,'' DeStefano remarked. ''By taking these actions, we expect to help mitigate the current slowdown in our core business and look for this new direction to help us capitalize on the promising future of wireless high speed Internet communications.''
EMCEE is a world leader in designing and manufacturing wireless communications equipment for two-way wireless Internet, video and voice services. EMCEE also develops and manufactures equipment for UHF/VHF and HDTV applications. Its products are installed in more than 95 countries.
This press release contains forward-looking statements regarding the Company's strategic planning and future plans of operation. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, product demand, competitive products and pricing, timing of foreign shipments, market acceptance of new product introductions including the Company's digital products, technological changes, including high-speed Internet and telephony applications, and other risks and uncertainties that are detailed from time to time in the Company's SEC reports. Please refer to Management's Discussion and Analysis of the Financial Condition and Results of Operations included in the Company's Form 10-QSB for the quarter ended December 31, 1998. Copies of the Company's most recent Form 10-QSB and Form 10-KSB can be obtained from the Company on request.
SOURCE: EMCEE Broadcast Products, Inc.
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More Quotes and News: Emcee Broadcasting Ltd (Nasdaq:ECIN - news)
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exchange2000.com
>>12:40 ET EMCEE Broadcast Products (ECIN) 1 7/8 +1/2 (+36%): Manufacturer of Multichannel Multipoint Distribution Service microwave transmitters discusses strategic plan; says initiating actions to overcome the erosion in core manufacturing business and provide the company with new direction; actions include expanding current investments in two-way wireless high-speed Internet services. Volume 220K; intraday range 1 5/8 to 3 1/4.
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