NEWS RELEASE, NEWS RELEASE NEWS RELEASE
For information contact: Herbert, L. Fischer, President, (516) 467-4200
LOGITEK, INC. ANNOUNCES THE SIGNING OF THE AGREEMENT AND PLAN OF MERGER
NEW YORK. NY, March 30, 1999 - Logitek Inc., {OTC: LGTK) ("Logitek") today announced that it has entered into an Agreement and Plan of Merger dated March 29, 1999 among North Atlantic Instruments, Inc. {"Parent"), a New York corporation, NAI, Inc..("NAl"), a New York corporation wholly-owned by Parent, and Herbert L. Fischer, solely in his capacity as trustee of, and on behalf of the trust forming a part of Logitek's Employees' Stock Ownership Plan.
Pursuant to the merger. NAI will be merged with and in to Logitek and each share of common stock of Logitek, par value $0.01 per share, issued and outstanding immediately prior to the merger (excluding shares owned, directly or indirectly, by Logitek and any dissenting shares) will be converted into the right to receive $.915, payable by the Parent to the holder thereof in cash, without any interest thereon. Logitek will be the surviving corporation and will continue to operate under the Logitek, Inc. name, as a wholly-owned subsidiary of the Parent. Consumation of the merger is subject to the approval of the shareholders of L ogitek and to certain other specified closing conditions.
Logitek designs and makes electronic power monitors and controls for the U.S. government and other industrial customers worldwide. Logitek's standard and custom-built products are used in missile navigation systems, radar equipment, aircraft, space vehicles, ships, and data communications and telecommunications systems. Logiteks products include electronic time delays, flashers switch mode power supplies and voltage, frequency, phase, and power monitors). |
