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News from ALDEN Electronics

CONTACT: Robert J. Wentworth
Alden Electronics, Inc.
February 5, 1997
TELEPHONE: 508-366-8851

ALDEN ANNOUNCES SALE CLOSING AND NAME CHANGE

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 Corp.



CONTACT:
Alden Electronics, Inc. - Robert J. Wentworth - TELEPHONE: 508-366-8851
Platinum Equity Holdings - Johnny O. Lopez - TELEPHONE: 818-380-9243

DATE:
December 20, 1996

ALDEN AGREES TO SELL METEOROLOGICAL AND IMAGING OPERATIONS

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: info@alden.com).

 

 

Alden Electronics, Inc.
40 Washington Street,
PO Box 500
Westborough, MA 01581 USA
Phone: 800-225-9492 or 508-366-8851,
Fax: 508-898-2427

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