Frequency Electronics Announces Proposal to Datum Inc.
Martin B. Bloch, President and Chief Executive Officer of Frequency, said, "We strongly believe that the combination of Frequency and Datum will form a global leader in time and frequency products and systems for wireless, wireline, internet and space applications. This business combination would form the basis to leverage each company's well-respected name and position, technical and manufacturing expertise and product offerings."
Frequency Electronics has been a leader in designing, developing, manufacturing and marketing of precision time and frequency control products and systems for many years. The company currently has approximately $40 million in cash and marketable securities, total assets of approximately $80 million, no long-term debt, and a market capitalization of approximately $70 million.
Datum, based in Irvine, CA, designs, manufactures and markets a wide variety of high-performance time and frequency products used to synchronize the flow of information in telecommunications networks. The company is also a leading supplier of precise timing products for computing networks, satellite systems, electronic commerce and test and measurement applications.
Frequency has retained TM Capital Corp. as its financial advisor and Cadwalader, Wickersham & Taft as special counsel.
This press release is not an offer to purchase shares of Datum.
This release contains some forward-looking statements. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subject in our 10-Q, 8-K and 10-K.