Has sold its business to

L3 Communications

MITEQ, Inc., a privately-held technology company, sought to explore various strategic alternatives to maximize shareholder value – including the possible sale of the business.  MITEQ, and its wholly-owned subsidiary MCL, Inc., designs, develops and manufactures high-performance, specialized RF microwave components and equipment and solid-state SATCOM components for the defense and satellite communication industries.  MITEQ pursued a competitive auction for its business to a targeted group of buyers which resulted in the sale of its MCL subsidiary to Communications & Power Industries (a portfolio company of Veritas Capital) and its remaining businesses to L3 Communications, a multi-billion dollar New York Stock Exchange listed company which operates as a prime contractor in (i) intelligence, surveillance, and reconnaissance systems; (ii) platform and logistics solutions for aircraft, maritime vessels, and (iii) ground vehicles; and national security solutions.

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