TORONTO—Wireless Age Communications Inc. said last week it is calling off merger talks with Relm Wireless Corp.
“Our overtures to Relm’s board were not well received. There was a short window for a friendly business combination to occur; unfortunately I believe that it has now closed,” said John Simmonds, Wireless Age chairman. “On Dec. 31st we will utilize the $2.25 million cash proceeds from the maturing Relm 8-percent convertible subordinated promissory note to repay a $2.33 million note payable and continue to pursue other transactions with parties that believe in our consolidation strategy. Thereafter we will hold no prospective ownership position in Relm.” Wireless Age has three divisions covering the retail, wholesale distribution and engineering sectors.
