Giga-tronics Announces the Sale of its SCPM Product Line to Teradyne for
Approximately $1,000,000 is Completed
SAN RAMON, Calif., April 18, 2013 (GLOBE NEWSWIRE) -- Giga-tronics
Incorporated (Nasdaq:GIGA), a leading provider of test and measurement
equipment, today announced that it has completed the sale of its product line
known as SCPM to Teradyne, Inc. ("Teradyne"), of North Reading, Massachusetts.
The agreement for the sale was announced on March 19, 2013.
The purchase price is $1,000,000. The Company received 80% or $800,000 in
proceeds at the closing; an additional 5% of the purchase price will be paid
upon completion of training the Company has agreed to provide to Teradyne; and
the balance of 15% of the purchase price is subject to a holdback until the
end of 2013 for contingent liabilities.
About Giga-tronics Incorporated
Giga-tronics designs, manufactures, and markets various test and measurement
equipment used in the development, test, and maintenance of wireless
communications products and systems, flight navigational equipment, electronic
defense systems, and automatic testing systems worldwide. Its products are
primarily used in the design, production, repair, and maintenance of
commercial telecommunications, radar, and electronic warfare equipment.
Giga-tronics is a publicly held company, traded on the NASDAQ Capital Market
under the symbol "GIGA." Additional information may be found at
This press release contains forward-looking statements, concerning
Giga-tronics products, business prospects and profitability.Actual results
may differ significantly due to risks and uncertainties, such as future
orders, cancellation or deferral of orders, disputes over performance, the
ability to collect receivables and general market conditions.For further
discussion, see the most recent annual report filed by Giga-tronicson Form
10-K for the fiscal year ended March 31, 2012, Part I, under the heading
"Certain Factors Which May Adversely Affect Future Operations or an Investment
in Giga-tronics" and Part II, under the heading "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
CONTACT: Frank Romejko
Vice President of Finance / Interim Chief Financial Officer
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