ADDvantage Tech: Rises on move to sell cable TV segment

ADDvantage Technologies

28/12/2018 15:45

** Shares of electronics and hardware distributor  AEY.O  up
nearly 10 pct at $1.41
    ** Co says it will sell the cable TV business segment for
$10.3 mln  urn:newsml:reuters.com:*:nGNX1scpRc
    ** "Divesting the Cable TV segment is in line with our
long-term strategy to drive growth organically and through
acquisitions within the telecommunications industry" - CEO Joe
Hart
    ** Purchase price will consist of $3.9 mln of cash and a
$6.4 mln promissory notes to be paid in semi-annual installments
over 5 years with 6 pct interest - ADDvantage
    ** Co reports Q4 results; sales fell ~12 pct to $10.9 mln;
sales decline in the cable TV and telecom segments was to the
tune of $0.6 mln and $0.8 mln, respectively
    ** Despite Friday's gains, stock fell ~4 pct this year

 (Reporting by Akanksha Rana in Bengaluru)
 ((Reuters Messaging:
akanksha.rana.thomsonreuters.com@reuters.net))