WFI (WFII) to Sell U.S. Wireless Engineering Business to LCC International (LCCI) for $46 Million

May 29, 2007 4:27 PM EDT

WFI (Nasdaq: WFII) has signed a definitive agreement with LCC International (Nasdaq: LCCI) to sell WFI's U.S. Wireless Engineering business for $46 million in total consideration, with $17 million in cash paid at closing, approximately $7 million in retained accounts receivable to be collected over the next few months, and the balance of approximately $22 million to be paid with a subordinated promissory note with a 36 month maturity.

Proceeds from this transaction will be used to reduce WFI's bank debt related to the recent acquisition of Madison Research Corporation.

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