Blonder Tongue Buys RL Drake for $6.5M

OLD BRIDGE, N.J. -- Blonder Tongue Laboratories, Inc. (NYSE Amex:BDR) announced today that it has completed the acquisition of the business of R.L. Drake, LLC. Both companies are market leaders in the supply of CATV and Satellite signal processing and distribution equipment. The acquisition was for the purchase of substantially all of the assets of R.L Drake for a purchase price of approximately $6.5 million, subject to certain adjustments based upon a post-closing audit of the balance sheet of R.L. Drake and additional contingent purchase price payments of up to $1.5 million in the aggregate that may be made over the next three years if certain financial results are realized. R.L. Drake's unaudited net sales for 2011 were approximately $10.0 million.

"As respected leaders in the field of Cable Television Communications, Blonder Tongue and Drake together offer customers more than 125 years of combined engineering and manufacturing excellence with solid histories of delivering reliable, quality products" said James A. Luksch, Chairman and Chief Executive Officer. "Continuing with our strategic plan, by maximizing synergies amongst our highly respected engineering, manufacturing and marketing teams, customers will reap multiple benefits including additional new and innovative products delivered to market faster and more affordably."

Blonder Tongue Laboratories Inc.