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REPEAT/General DataComm Sells its VITAL Network Services Business Unit to MAYAN Networks.
Business & Technology Editors
REPEATING..inserting ticker symbol
MIDDLEBURY, Conn.--(BUSINESS WIRE)--Sept. 4, 2001
General DataComm Industries, Inc. (Pink Sheets: GDII) today announced that it has sold its VITAL Network Services business unit ("VITAL") effective July 1, 2001 to MAYAN Networks Corporation of San Jose, California for $23.5 million, comprised of $6.4 million in cash and $17.1 million in a combination of notes, stock, and assumption of liabilities.
In addition, GDC will retain $8.0 million of VITAL's accounts receivable. These amounts include consideration for the sale of VITAL's Mexican business targeted for completion within 30 days. GDC will use the net proceeds to reduce outstanding indebtedness.
Coming on the heels of the recent sales of GDC's Multimedia Division and its ATM business, the divestiture of VITAL Network Services marks another milestone in GDC's strategic plan. General DataComm Chairman and Chief Executive Officer Charles P. Johnson commented: "This transaction improves the Company's finances, and sharpens GDC's business focus as a provider of network access equipment to established telecommunications service providers."
Based in Naugatuck Connecticut, VITAL is a global services-company that provides professional services, managed-network services and multi-vendor support for more than 2000 customers worldwide. Through its global field, technical support and delivery partners, VITAL provides critical networking support from 186 cities across 60 countries around the world. VITAL has been selected and authorized to provide service and support for over 20 "best-of-breed" network communications manufacturers such as CISCO, Nortel, Adtran, and Paradyne.
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