Remec Sells ODU Business

Remec agrees to sell its outdoor unit and transceiver business to Wireless Holdings International for $15M

July 27, 2005

1 Min Read

SAN DIEGO -- REMEC, Inc. (NASDAQ:REMC) announced today that it has signed a definitive agreement to sell its Outdoor Unit and Transceiver ("ODU") business to Wireless Holdings International, Inc. ("Wireless Holdings") through a management buyout transaction. The ODU business, headquartered in Poway, California with manufacturing operations in the Philippines, designs and manufactures high frequency point-to-point outdoor radios and transceivers. The aggregate purchase price for the sale is $15 million payable in cash at closing, subject to certain adjustments set forth in the agreement. REMEC expects taxes, transaction expenses and closing adjustments to be between $3 and $4 million. The sale is expected to close in August 2005.

Wireless Holdings is comprised of the leading management executives of the ODU business, including Dave Newman, Vice President and General Manager of the ODU business and Domingo Bonifacio, the President of REMEC Manufacturing Philippines, Inc. "The management team is extremely excited to have the opportunity to continue to grow our successful business as a stand alone entity," Dave Newman stated. "Going forward, we will continue our strong support of the customer base and enhance our position as a leader in the ODU and Transceiver field."

Remec Inc.

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