PORTA SYSTEMS CORP ANNOUNCES SALES OF ITS COPPER PRODUCT DIVISION AND A NAME CHANGE TO North Hills Signal Processing Corp.
Syosset, NY (May 21,2010) -- Porta Systems Corp.( OTCQX:PORT) has sold its Copper Products Division to Tii Network Technologies, Inc.( "Tii") for $8,150,000 cash and the assumption of certain division liabilities. The final purchase price is subject to adjustment based on the closing book value of the net assets sold. The transaction includes Tii's acquisition of Porta's Mexico and United Kingdom subsidiaries.
Porta Systems will continue to own and operate its North Hills Signal Processing Corp. Business which manufactures products sold principally for use in defense and aerospace applications. Its customers are major aircraft, naval ship and ground based vehicle manufacturers, as well as, system integrators.
To more closely identify with its remaining business, Porta Systems Corp has changed its name to North Hills Signal Processing Corp. Corp.
Ed Kornfeld, Chief Executive Officers aid, "I want to very much thank our employees, many of whom have continued with us over difficult periods. I am very pleased that many of our employees have been retained by Tii which has an extremely complimentary business and I believe will offer greater opportunity with more stability."