Sale of Scintrex Limited

Apr 12, 2001, 01:00 ET from Scintrex Limited

    TORONTO, April 12 /PRNewswire/ - The Ontario Superior Court of Justice
 today approved a transaction providing for the sale of Scintrex Limited
 ("Scintrex"), a subsidiary of IDS Intelligent Detection Systems Inc. (TSE:
 ISD), to Research Corporation Technologies, Inc. ("RCT") and certain other
 parties. RCT is a non-profit technology investment corporation with assets
 under management valued in excess of U.S.$285 million.
     The parties are moving towards completing the transaction in a timely
 fashion. RCT has announced that Scintrex's operations will continue as usual
 and that the transaction will be seamless for Scintrex's employees, customers
 and suppliers.
     "We are excited about the opportunities that the restructuring of IDS and
 Scintrex represents for Scintrex, RCT and its partners. We look forward to the
 continued success of Scintrex and the further development of Scintrex's
 product line" said Gary Munsinger of RCT.
     Scintrex is expected to operate as a private company owned by RCT and its
 partners. Scintrex looks forward to working with its customers, suppliers and
 employees to continue to fulfill their mandates.
     Scintrex is a leading supplier of gravimeters with a long tradition of
 excellence in North America and Europe. The market continues to expand for
 Scintrex's products in geophysical instrumentation, airborne surveys and its
 Power Control division.
 
 
 

SOURCE Scintrex Limited
    TORONTO, April 12 /PRNewswire/ - The Ontario Superior Court of Justice
 today approved a transaction providing for the sale of Scintrex Limited
 ("Scintrex"), a subsidiary of IDS Intelligent Detection Systems Inc. (TSE:
 ISD), to Research Corporation Technologies, Inc. ("RCT") and certain other
 parties. RCT is a non-profit technology investment corporation with assets
 under management valued in excess of U.S.$285 million.
     The parties are moving towards completing the transaction in a timely
 fashion. RCT has announced that Scintrex's operations will continue as usual
 and that the transaction will be seamless for Scintrex's employees, customers
 and suppliers.
     "We are excited about the opportunities that the restructuring of IDS and
 Scintrex represents for Scintrex, RCT and its partners. We look forward to the
 continued success of Scintrex and the further development of Scintrex's
 product line" said Gary Munsinger of RCT.
     Scintrex is expected to operate as a private company owned by RCT and its
 partners. Scintrex looks forward to working with its customers, suppliers and
 employees to continue to fulfill their mandates.
     Scintrex is a leading supplier of gravimeters with a long tradition of
 excellence in North America and Europe. The market continues to expand for
 Scintrex's products in geophysical instrumentation, airborne surveys and its
 Power Control division.
 
 
 SOURCE Scintrex Limited