Remec Sells Canadian Unit

REMEC Inc. has sold its majority interest in Remec Nanowave Technologies Inc.

August 20, 2004

1 Min Read

SAN DIEGO -- REMEC Inc. (NASDAQ:REMC - News) 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%.

Remec Inc.

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