EDGEWOOD, N.Y., July 31, 2012 /PRNewswire/ -- Tii Network
Technologies, Inc. (NASDAQ: TIII), a leader in designing,
manufacturing and marketing network products for the communications
industry, announced the completion today of its merger with an
indirect wholly-owned subsidiary of Kelta, Inc., a privately-held
manufacturer of products and components used in electrical and
communications applications. The merger was approved by the
stockholders of Tii at a special meeting held earlier today. As a
result of the merger, Tii became a wholly-owned subsidiary of
Kelta.
Brian J. Kelley, President and
Chief Executive Officer of Tii, said "We are pleased to have
completed the merger that we announced in May 2012. Not only does the merger provide a
significant premium for Tii's stockholders to the market at the
time we announced the proposed merger, but Kelta's financial
strength, resources and capabilities will enable Tii to accelerate
the development of new and innovative products for our customers. I
would like to personally thank Tii's employees for their efforts
and commitment in the merger process."
Parag Mehta, President of Kelta
Inc., stated, "Kelta has been the primary contract manufacturer for
Tii for several years, providing quality products and services for
Tii's customers. We are committed to both meeting customers' needs
and expanding Tii's product offerings to even better serve its
customers."
With the merger, Tii Network Technologies' common stock ceased
trading on the Nasdaq Capital Market at market close today and its
shares will no longer be listed.
Tii stockholders will receive $2.15 per share in cash, without interest, for
their shares. Broadridge Corporate Issuer Solutions, the paying
agent for the merger, will be sending out a letter of transmittal
and instructions to stockholders who hold certificates registered
in their name in the next several days providing specific actions
stockholders of record will need to take to surrender their shares
for payment. Tii's stockholders of record should wait until they
receive the letter of transmittal before surrendering their share
certificates. Stockholders who hold shares through a bank or broker
will not have to take any action to have their shares converted
into cash, since these conversions will be handled by the bank or
broker.
OEM Capital served as financial advisor and Troutman Sanders LLP
served as legal advisor to Tii. Edwards Wildman Palmer LLP served
as legal advisor to Kelta.
About Tii Network Technologies, Inc.
Tii Network Technologies, Inc. headquartered in Edgewood, New York, designs, manufactures and
sells products to service providers in the communications industry
for use in their networks. Tii's products are typically found in
the Telco Central Office, outdoors in the service providers'
distribution network, at the interface where the service providers'
network connects to the users' network, and inside the users' home
or apartment, and are critical to the successful delivery of voice
and broadband communication services. Additional information about
the company can be found at www.tiinetworktechnologies.com.
SOURCE Tii Network Technologies, Inc.