(PR Wires) PRW: Pen Interconnect Announces Sale of its PowerStream Tech PRW: Pen Interconnect Announces Sale of its PowerStream Technology Division IRVINE, Calif.--(BUSINESS WIRE)--Jan. 11, 2000--Pen Interconnect, Inc. (OTCBB:PENC) announced today that it has sold its PowerStream Technology division, headquartered in Orem, Utah, to a Utah-based company. Terms of the sale were not disclosed. "This is the initial step in a series of consolidations by Pen Interconnect," said Stephen Fryer, Pen Interconnect President & CEO. "We are continuing the restructuring that started early in 1999 to make Pen Interconnect a more growth-oriented company," Fryer said. "This infusion of new capital into PowerStream Technology will greatly assist its development efforts and provide the ability to increase the market penetration for our custom power products," said Daniele Reni, President of PowerStream Technology. PowerStream Technology designs and manufactures products including battery chargers, power supplies and DC/DC convertors for a national and international market. Pen Interconnect (OTCBB:PENC) provides the total manufacturing solution for manufacturers, including circuit and board design, mechanical and product design, prototype and volume board assembly and test, system services, and custom power supply and battery changer design. It is headquartered in Irvine, California. VISIT THE PEN INTERCONNECT WEB SITE at pen-interconnect.com CONTACT: Pen Interconnect, Inc. Stephen Fryer, 949/798-5881 or American Financial Communication Jeff Lamberson, 415/380-3880 08:32 EST JANUARY 11, 2000 *** end of story *** |