
For Immediate Release - April 21, 1998
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SUNNYVALE, CALIFORNIA - CALIFORNIA MICROWAVE, INC. (Nasdaq National Market: CMIC) announced today that on April 21, 1998, it completed the sale of its Microwave Networks Division (MN) to Tadiran Ltd. Pursuant to the terms of the Asset Purchase Agreement announced on March 1 of this year, California Microwave was to receive $35 million in cash, adjusted for any change in net assets between December 31, 1997, and the closing of the transaction. The Agreement provides for an interim adjustment in the cash to be paid for any change in net assets between December 31, 1997, and the most recent balance sheet date. Based upon the March 31, 1998, balance sheet, California Microwave received approximately $31.5 million at the time of the closing, with the difference of $3.5 million representing cash transfers made by MN to California Microwave, and MN operating losses for the period.
Proceeds to Help Fund Share Buyback Program California Microwave, Inc. (http://calmike.com) is a leading U.S. supplier of satellite earth station and microwave radio infrastructure products and information and collection systems. For more information, contact: |
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Stephanie M. Day Vice President Corporate Communications (408) 743-3429 sday@califmicro.com |
Investor Information Line: (Toll-free) 1-888-225-6789 http://www.calmike.com. |
Deborah Passik William Dunk Partners, Inc. (919) 929-4100 |
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