
For Immediate Release - December 22, 1997
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REDWOOD CITY, CALIFORNIA - CALIFORNIA MICROWAVE, INC. (Nasdaq National Market:CMIC) announced today that it has entered into an agreement with L-3 Communications Corporation to sell its Satellite Transmission Systems (STS) division to L-3 for $27 million in cash. It is expected that no gain or loss will be reported on this divestiture. The closing of the transaction, which is expected to occur in January 1998, is subject to certain conditions, including the obtaining of any required regulatory approvals.
Focusing Resources California Microwave, Inc. 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 (415) 596-6629 |
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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