WEST MELBOURNE, Fla.-RELM Wireless Corp. completed the acquisition of the private radio product lines from Uniden America Corp.
Under the terms of the transaction, RELM acquired all current Uniden land mobile radio products, certain non-exclusive intellectual property rights and assumed responsibility for ongoing sales, service and technical support.
Uniden has agreed to continue to provide manufacturing support for certain land mobile radio products to be marketed by RELM.
RELM also reported it had completed the private placement of $3.25 million of 8-percent subordinated notes, convertible at $3.25 per share and due on Dec. 31, 2004.
“We are very pleased to have completed the private placement, an important step in strengthening and positioning RELM for the future,” said Richard Laird, president and chief executive officer of RELM.
The placement of shares coincides with the company’s announcement that it has engaged the investment-banking firm of Janney Montgomery Scott to provide advice on strategic direction and future financing alternatives.
