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| REMEC Announces Sale of Canadian Subsidiary |
SAN DIEGO--(BUSINESS WIRE)--Aug. 20, 2004--REMEC Inc. (NASDAQ:REMC) today announced that it has sold its majority interest in REMEC Nanowave Technologies Inc., a subsidiary located in Toronto, to Euromill Equihold Inc., an Ontario, Canada corporation. REMEC Nanowave Technologies Inc. designs and manufactures electro-optic subsystems, thin film circuits and amplifier subsystems for commercial weather radar avionics. The sale of this business reflects REMEC's strategy to concentrate on its core commercial and defense businesses and is expected to improve its financial position and lower operating expenses. The impact on annual sales will be less than 2%. 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.
CONTACT: SOURCE: REMEC Inc. |