To: Due Diligence who wrote (36665 ) 3/14/2000 5:37:00 PM From: on parole Respond to of 150070
Release out SENS. Looks like more prs to follow: Company Press Release Sentex Sensing Technology Announces Sale of Monitek CLEVELAND--(BUSINESS WIRE)--March 14, 2000--Sentex Sensing Technology, Inc. (``Sentex'), headquartered here, has announced the sale of the business conducted by Monitek Technologies, Inc., a wholly owned subsidiary, and Monitek GmbH, a German subsidiary of Monitek, to Metrisa, Inc. (``MTRE') of Bedford, Massachusetts. Under terms of the sale, Sentex will sell substantially all of its Monitek and Monitek GmbH assets to Metrisa for cash, notes, the assumption of selected liabilities, and Metrisa stock. No dividends or distributions will be available to make payments to the shareholders. The proposed sale is subject to customary closing conditions, including shareholder approval. Monitek manufactures a wide range of environmental and process control instrumentation to monitor and analyze fluids of all types. Metrisa makes scientific and process control equipment for markets worldwide. Metrisa's sales in fiscal 1999 were $7.6 million, compared to nearly $4.3 million for Monitek. Sentex Chairman and President Robert S. Kendall said that Metrisa and Monitek fit well together, because of complementary products that will allow Metrisa to operate more efficiently and gain better market penetration. In discussing future plans for Sentex, Kendall explained that ``We are exploring opportunities to apply these different resources, and expect to announce new programs to shareholders and others who follow the company in the near future.' Any statements contained in this release that are not historical facts and relate to future events, such as statements to announce new programs, may be considered forward-looking statements. These are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the matters stated, or implied, in such forward-looking statements. Actual results may differ if the existing plans cannot be implemented due to the Company's resources or market conditions. This press release is not intended to constitute a solicitation of proxy by the Company, any of its shareholders or its board of directors to approve the transaction. All shareholders are urged to carefully read the proxy statement and other documentation that will be mailed to them in connection with this transaction because they contain important information about the transaction. These documents will also be available at no charge from the web site of the Securities and Exchange Commission (SEC) at www.sec.gov. This filing, which includes the proxy statement of Sentex, will be mailed to shareholders as stated above. Sentex Sensing Technology is headquartered in Cleveland, Ohio. For more information, please contact Sentex Sensing Technology at 1801 East Ninth Street, Suite 1510, Cleveland, Ohio 44114. Telephone: (216) 687-0287; Fax (216) 687-0298. Monitek Technologies, Inc. is located in Livermore, California.