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| REMEC Announces Sale and Leaseback of Finnish Facility |
SAN DIEGO--(BUSINESS WIRE)--May 25, 2004--REMEC, Inc. (NASDAQ: REMC) today announced the completion of the sale of REMEC's industrial building and underlying leasehold interest at Koskitie 10, Oulu, Finland, to YIT Construction Ltd., a Finnish construction company, for approximately US $4.1 million on April 7, 2004. Effective upon the closing of the sale, REMEC leased the property and building from YIT Construction Ltd. on a modified month-to-month lease basis for a period not to exceed fifteen months. REMEC is currently seeking a more cost-efficient facility at a new location for its Finland operations. The main industrial building contains approximately 100,000 square feet. The sale proceeds were recorded in REMEC's first fiscal quarter. The cash made available from the sale will be utilized for strategic corporate purposes. About REMEC REMEC designs and manufactures microwave and millimeter wave subsystems used in the transmission of voice, video and data traffic over wireless communications networks and provides advanced integrated microwave subsystem solutions for defense and space electronics applications. REMEC is located at 3790 Via de la Valle, Del Mar, CA 92014. For more information, visit the company's web site at http://www.remec.com or call (858) 505-3713. Statements in this press release that are not historical are forward-looking statements, which involve known and unknown risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including, general and industry economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed from time to time in our filings with the Securities and Exchange Commission. REMEC is a registered trademark of REMEC, Inc. Other brand or product names are registered trademarks or trademarks of their respective holders. REMEC, Inc., 2004. All rights reserved.
CONTACT: SOURCE: REMEC, Inc. |