SAN DIEGO, Nov. 11, 2014 /PRNewswire/ -- RF INDUSTRIES, LTD, (NASDAQ:RFIL) today announced that it has signed a non-binding term sheet to acquire Comnet Telecom Supply, Inc. for cash and stock. The exact terms were not disclosed. The proposed acquisition is subject to the negotiation and execution of a definitive purchase agreement.
"Comnet distributes telecommunications and data products, and, as a certified Corning Gold Assembly House, has a customer base and regional market which we believe will complement and support Cables-Unlimited's current business operations," said Howard Hill, RFI's Chief Executive Officer.
Comnet Telecom Supply is a privately owned distributor of telecommunications and data products, including data center consoles, command centers, computer room furniture, fiber optic cables, cabling technologies and custom patch cord assemblies. The Company's fiber optic patch cords are manufactured in compliance with Corning Gold Certified standards at its facilities in East Brunswick, New Jersey. Comnet had revenues of approximately $8 million in fiscal 2013.
About RF Industries
RF Industries is a leading designer and manufacturer of innovative interconnect products and complex cable assemblies across diversified, high growth markets including wireless carriers & infrastructure, medical and industrial. The Company's products include RF connectors, coaxial and custom cable assemblies, fiber optic cables, wiring harnesses and medical wiring. The Company's connectivity products are used throughout the growing and evolving wireless infrastructure. The Company has reported 20 consecutive years of profitability and is headquartered in San Diego, California with operations in Las Vegas, Nevada and Yaphank, New York. Please visit the RF Industries website at www.rfindustries.com.
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The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to future events, the occurrence of which involve risks and uncertainties, including, without limitation, the possibility that the acquisition will not be closed and that the purchase of Comnet Telecom Supply, Inc. will not occur, that the financial statements of Comnet Telecom Supply, Inc., when audited, will differ significantly from the results stated above and other uncertainties detailed in the Company's Securities and Exchange Commission filings. All forward-looking statements are based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
SOURCE RF Industries, Ltd.