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Found this copmany while conducting a market scan. biz.yahoo.com In October 1996, the Company acquired substantially all the tangible and intangible assets, and assumed certain liabilities, of Systronix Corporation ("Systronix"), a developer of fully integrated propulsion systems and related components for electric vehicles, located in Torrance, California. See "Electric Drive System" on page 6 for a detailed description of this transaction and a discussion of the business. In March 1997, the Company completed an agreement with Hyundai Motor Company ("HMC") and Hyundai Electronics Industries Co., Ltd. ("HEI") whereby HMC and HEI collectively purchased $3.6 million of the Company's common stock and secured a technology license for an additional payment of $2.0 million. The Company received $1,850,000 in cash, and the remaining $150,000 is to be received over 6 years. for SEC filings and related info see freeedgar.com Happy trading, Israel | ||||||||||||||
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