Giga-tronics sales its SCPM product line to Teradyne, Inc. for $1,000,000. The Company received 80% or $800,000 in proceeds at the closing; an additional 5% of the purchase price will be paid upon completion of training the Company has agreed to provide to Teradyne; and the balance of 15% of the purchase price is subject to a holdback until the end of 2013 for contingent liabilities.
Giga-tronics designs, manufactures, and markets various test and measurement equipment used in the development, test, and maintenance of wireless communications products and systems, flight navigational equipment, electronic defense systems, and automatic testing systems worldwide. Its products are primarily used in the design, production, repair, and maintena nce of commercial telecommunications, radar, and electronic warfare equipment.