Plaintree Enters Wireless Networking Through Acquisition
Source: Plaintree Systems
Plaintree Systemsvendor <%=company%> (Ottawa) has bought all the assets of Ottawa-based A. T. Schindler Communications Inc. (ATS), designer and manufacturer of the FirLAN wireless networking products. The FirLAN product line of wireless Ethernet and Token Ring LAN allows for up to 25 Mbps transmission of data via LED infrared signal and currently is used worldwide in a variety of business, military, medical and industrial applications.
The terms of the agreement provide for an all-stock transaction, except for a payment by Plaintree of certain liabilities of ATS. The purchase price is the aggregate of 2,500,000 common shares of Plaintree (worth approximately $7.5 million) plus the payment by Plaintree for the assumed liabilities, subject to adjustments. The transaction is anticipated to close no later than March 24, 2000. All employees of ATS will be moving into Plaintree's offices within weeks, a move that will consolidate R&D and marketing for the two product divisions.
Edited by John Spofford