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Gold/Mining/Energy : Derlan (T.DRL) -- Ignore unavailable to you. Want to Upgrade?

To: Serge Collins who wrote (265)	7/12/1999 1:03:00 PM
From: Alain	Read Replies (1) \| Respond to of 319

Derlan sells two discontinued operations Derlan Industries Limited DRL Shares issued 28,833,318 Jul 9 close $2.30 Mon 12 Jul 99 News Release Mr. J. David Williamson reports Derlan has divested of two of its discontinued operations. First its subsidiary K and M Electronics, Inc. of West Springfield, Mass., was sold to ITT Industries, Inc. of White Plains, N.Y. In a related transaction, Derlan also sold the K and M land and buildings to Klondike Investment Group, Inc. of West Springfield. Total proceeds from the K and M transactions were $36.5-million. Derlan has also divested of the remaining California based assets of its subsidiary Derlan Inc. of Santa Ana, Calif., to Trig Holding Incorporated of California, for proceeds of $21.4-million. Total proceeds from all transactions announced today were $57.9-million. The K and M business consists of miniaturized high-voltage power supplies, for night vision and other applications, and channel electron multipliers. In November, 1998, Derlan announced target proceeds of $125-million from the divestment of several discontinued operations. With the completion of the transactions announced today, Derlan has now substantially completed the sales of its discontinued operations as announced in November and generated proceeds of approximately $150-million. The divestments of the remaining discontinued operations are progressing. In December, 1998, the board of directors of Derlan engaged Deutsche Banc. Alex Brown as investment banking adviser to examine all options available to Derlan to develop value for shareholders. This program is progressing and further announcements will be made as soon as it is appropriate to do so. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com