Stratos International Signs Agreement to Sell Property in Chicago
September 12 2006 - 2:30PM
PR Newswire (US)
CHICAGO, Sept. 12 /PRNewswire-FirstCall/ -- Stratos International,
Inc. (NASDAQ:STLW), today announced that it has signed an agreement
to sell its corporate and manufacturing facilities located in
Chicago. The selling price of the building and land of 6.3 acres is
approximately $9.9 million ($7.4 million in cash and $2.5 million
in a three year note), subject to a reduction for an agreed upon
amount of environmental remediation costs, which will be determined
within a 60-day inspection and feasibility period. Stratos will
lease the property back from the purchaser for the next three years
and expects to move to a separate location thereafter. "This
transaction allows us to redeploy capital that is currently
invested in real estate and utilize it in ways to benefit
stockholders, including growing and developing our company," said
Andy Harris, President and Chief Executive Officer. Stratos noted
that, due to certain contract contingencies, there is no assurance
that the real estate closing will occur. ABOUT STRATOS
INTERNATIONAL Stratos International, Inc. is a leading designer,
developer and manufacturer of RF and Microwave, as well as optical
subsystems, components and interconnect products used in telecom,
enterprise, military and video markets. Stratos has a rich history
of optical and mechanical packaging expertise and has been a
pioneer in developing several optical devices using innovative form
factors for telecom, datacom and harsh environments application.
This expertise, coupled with several strategic acquisitions, has
allowed Stratos to amass a broad range of products and build a
strong IP portfolio of more than 100 patents. Stratos currently
serves more than 1,300 active customers, who are primarily in
telecom/datacom, military/aerospace and video markets. Stratos'
headquarters is in Chicago, Illinois, USA. DATASOURCE: Stratos
International, Inc. CONTACT: Barry Hollingsworth of Stratos
International, Inc., +1-708-457-2379, Web site:
http://www.stratoslightwave.com/
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