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Microcap & Penny Stocks : PCTR-Perceptronics -- Ignore unavailable to you. Want to Upgrade?

To: DaveS who wrote (592)	1/5/2000 12:26:00 PM
From: Suep	Read Replies (1) \| Respond to of 710

ednesday January 5, 10:47 am Eastern Time Company Press Release SOURCE: Perceptronics, Inc. Perceptronics Announces Understanding for Sale of PGTS Operation WOODLAND HILLS, Calif., Jan. 5 /PRNewswire/ -- Perceptronics, Inc. (OTC Bulletin Board: PCTR - news) today announced that it has entered into a memorandum of understanding with an unnamed company to sell its PGTS training simulator and manufacturing operation. Under the terms of the agreement, Perceptronics and the potential purchaser have teamed for the forthcoming Egyptian ITV PGTS competitive procurement, with Perceptronics as the prime contractor and the other company as the major subcontractor. Perceptronics has agreed to sell its PGTS business to the company if the Perceptronics led team is awarded the Egyptian ITV PGTS contract. The proposed transaction will provide for the assumption by the purchaser of substantially all of the liabilities associated with the PGTS operation and the purchase of substantially all of the PGTS assets, including intellectual property, inventory, and equipment. Perceptronics anticipates incurring a capital gain for tax purposes from the sale of the business. Assuming an award of the Egyptian contract in the near future, the sale is expected to close prior to June 2000, subject to shareholder approval. ``We are delighted to make this announcement,' said Perceptronics' chairman Dr. Gershon Weltman. ``The sale of the PGTS operation will allow us to focus all of our attention on the potentially more profitable business of providing total solutions for collaborative interactions on the Internet. This is another step toward completing our overall strategic plan.' Safe Harbor Statement: Statements regarding the Company's expectations about growth and marketing strategies, new and existing products, future financial performance and other Forward Looking Statements are subject to various risks and uncertainties, including, without limitation, technological factors, competitive factors, cash flow factors, ability to obtain required financing and uncertainties relating to foreign and defense-related sales. These and other risks and uncertainties are discussed in greater detail from time to time in the Company's SEC filings and reports. SOURCE: Perceptronics, Inc.