Navigation Links
Pro-Dex, Inc. Announces the Sale Of Its Motor Business
Date:2/27/2012

IRVINE, Calif., Feb. 27, 2012 /PRNewswire/ -- PRO-DEX, INC. (Nasdaq: PDEX) announced today the sale of its fractional horsepower motor business, operating under the name Pro-Dex Astromec and located in Carson City, Nevada.

Under the terms of the asset purchase agreement, executed on February 27, 2012, the Company sold substantially all the assets of Astromec, consisting of inventory, equipment and intangibles, and excluding cash, accounts receivable, the parent-owned facility in which Astromec conducted its business and all liabilities, for a cash payment of $830,000, representing the estimated net book value of the purchased assets and subject to adjustment based on physical counts of the assets sold.  The Company may also receive conditional future payments based on sales of Astromec product and sales to Astromec prospects, as defined in the asset purchase agreement, over the ensuing three-year period.

Mark Murphy, the Company's President and Chief Executive Officer, commented, "The decision to sell the Astromec business, which has a customer concentration in aerospace, reflects our strategic focus on the expansion of opportunities in medical devices and motion control systems.  We look forward to working with our Astromec associates in facilitating the transfer of the Astromec business, and thank them for their dedicated service to Pro-Dex." 

Pro-Dex, Inc., with operations in California and Oregon, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate powered surgical device drive and embedded motion control systems serving the medical, dental, semi-conductor and scientific research markets. Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, scientific research facilities and high tech manufacturing operations around the world. For more information, visit the Company's website at www.pro-dex.com.

Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.


'/>"/>
SOURCE Pro-Dex, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. China-Biotics, Inc. Announces Conference Call to Discuss First Quarter 2009 Financial Results
2. Odyssey Thera Announces Milestone Achievement in Pfizer Alliance
3. InNexus Biotechnology Announces Launch of Large Scale Primate Study of DXL625
4. Anesiva Announces Second Quarter 2008 Financial Results and Update
5. SGX Pharmaceuticals Announces Financial Results for the Three and Six Months Ended June 30, 2008
6. Insmed Announces Financial Results for Second Quarter and Six-Months Ended June 30, 2008
7. China Sky One Medical, Inc. Announces Conference Call to Discuss Second Quarter 2008 Results
8. China Yingxia International, Inc. Announces Conference Call to Discuss Second Quarter 2008 Results
9. ThirdBiotech Announces Kemeta as Newest Sponsor
10. Signalife Announces Intent to Withdraw From AMEX and Trade on the OTCBB
11. Chromos obtains interim order in connection with arrangement, announces annual and special meeting of shareholders and confirms mailing of information circular
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... , June 23, 2016 A person commits ... the crime scene to track the criminal down. ... U.S. Food and Drug Administration (FDA) uses DNA evidence to ... Sound far-fetched? It,s not. The FDA has ... to support investigations of foodborne illnesses. Put as simply as ...
(Date:6/23/2016)... June, 23, 2016  The Biodesign Challenge (BDC), a ... ways to harness living systems and biotechnology, announced its ... in New York City . ... students, showcased projects at MoMA,s Celeste Bartos Theater during ... , MoMA,s senior curator of architecture and design, and ...
(Date:6/23/2016)... ... June 23, 2016 , ... In a new case report published today in ... patient who developed lymphedema after being treated for breast cancer benefitted from an injection ... for dealing with this debilitating, frequent side effect of cancer treatment. , ...
(Date:6/23/2016)... 2016 On Wednesday, June 22, 2016, ... 0.22%; the Dow Jones Industrial Average edged 0.27% lower to ... down 0.17%. Stock-Callers.com has initiated coverage on the following equities: ... (NASDAQ: NKTR ), Aralez Pharmaceuticals Inc. (NASDAQ: ... BIND ). Learn more about these stocks by accessing their ...
Breaking Biology Technology:
(Date:6/3/2016)... LONDON , June 3, 2016 /PRNewswire/ ... Transport Management) von Nepal ... ,Angebot und Lieferung hochsicherer geprägter Kennzeichen, einschließlich ... weltweit führend in der Produktion und Implementierung ... an der Ausschreibung im Januar teilgenommen, aber ...
(Date:6/2/2016)...   The Weather Company , an IBM Business (NYSE: ... capability in which consumers will be able to interact with ... via voice or text and receive relevant information about the ... Marketers have long sought an advertising solution that can create ... relevant and valuable; and can scale across millions of interactions ...
(Date:6/1/2016)... NEW YORK , June 1, 2016 ... Biometric Technology in Election Administration and Criminal Identification to ... According to a recently released TechSci Research report, " ... Sector, By Region, Competition Forecast and Opportunities, 2011 - ... $ 24.8 billion by 2021, on account of growing ...
Breaking Biology News(10 mins):