CONTACT: Robert J. Wentworth
WESTBOROUGH, MA - February 5, 1997 - Alden
Electronics, Inc. announced that it has completed the sale of its
operating assets, consisting of its meteorological and imaging operations,
to a company affiliated with Platinum Equity Holdings for a combination of
cash, a promissory note and the assumption of obligations relating to the
assets and operations acquired. Alden will continue to own its real estate
located in Westborough, Massachusetts. The sale was completed following a
special meeting of stockholders on January 31, 1997. At that same meeting,
stockholders also approved a change in the name of Alden to AEIRE
WESTBOROUGH, MA - December 20, 1996 - Alden
Electronics, Inc. has announced that it has reached an agreement with
Platinum Equity Holdings to sell Alden's operating assets, consisting of
it's meteorological and imaging operations, to a Company affiliated with
Platinum for a combination of cash, a promissory note, and the assumption
of obligations relating to the assets and operations acquired. Alden will
continue to own its real estate located in Westborough, Massachusetts.
The new Company has agreed to lease space
currently occupied by Alden in Westborough, MA and will operate as Alden
Electronics, Inc. Completion of the transaction is contingent upon
approval by Shareholders, the successful assignment of certain rights and
obligations of Alden, and satisfaction of certain other conditions. Notice
will be sent to both Class A (non-voting) and Class B (voting)
stockholders regarding this transaction, and a special meeting of
stockholders to be held regarding this and related matters.
Platinum Equity Holdings acquires and operates
technology companies. Platinum controls a multi-million dollar asset base,
comprised of technology businesses that provide service and support to
businesses and end-users throughout the world.
Tom Gores, President of Platinum, said "Alden
Electronics is an important addition to the Platinum portfolio of
companies. We are pleased to be associated with the Alden name which is
widely respected in the industry, and we are excited by the opportunities
the company presents".
"Platinum's management capabilities and
capacity for investing in technology companies coupled with Alden's
experience and market position in meteorological and imaging applications
is an excellent combination." said Robert J. Wentworth, President and
Chief Operating Officer of Alden.
Alden is a provider of weather data and information systems as well as high quality imaging products. For additional information regarding the Company and it's products, Alden has Internet access through its World Wide Web Home Page. Contact Alden at http://www.alden.com/ (or send Email to: email@example.com).
40 Washington Street,
PO Box 500
Westborough, MA 01581 USA
Phone: 800-225-9492 or 508-366-8851,