RF Industries, Ltd. (NASDAQ: RFIL) announced that it has sold its RF Neulink division to Raveon Technologies Corporation. Financial terms of the transaction were not disclosed.
“This sale will allow us to focus on our profitable, core operations. RF Industries has grown rapidly through a focused strategy of providing innovative interconnect products and complex cable assemblies to growing markets, predominantly wireless. RF Neulink, which contributed less than 1% of RF Industries’ total sales for the six months ended April 30, 2013, did not contribute meaningfully to the growth or profitability of RF Industries. The divestiture of the RF Neulink division is part of our continuous process to evaluate the performance of our divisions and better concentrate our energy and resources on the higher growth and higher margin core components of our business,” commented Howard Hill, Chief Executive Officer of RF Industries.
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, medical wiring as well as mobile public safety communications systems. The Company’s leading edge connectivity solutions are used throughout the growing and evolving wireless infrastructure. The Company has reported 19 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.
This press release contains forward-looking statements with respect to future events which are subject to a number of factors that could cause actual results to differ materially.Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry; the operations of the Cables Unlimited division which was acquired in June 2011; and the Company’s reliance on certain distributors for a significant portion of anticipated revenues.Further discussion of these and other potential risk factors may be found in the Company’s public filings with the Securities and Exchange Commission (www.sec.gov) including its Form 10-K.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.
Institutional Marketing Services (IMS)
John Nesbett/Jennifer Belodeau, 203-972-9200
RF Industries, Ltd.
James Doss, 858-549-6340
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