Harris Acquires PR&E

from a Yahoo Biz Report quoting company press releases

Aug. 3, 1999--Harris Corporation and Carlsbad-based Pacific Research & Engineering Corp. "PR&E" announced an agreement for Harris to acquire PR&E through a cash tender offer that values PR&E at approximately $9.5 million, including the assumption of debt.

"This agreement unites two successful radio businesses and reinforces Harris' commitment to supply a complete range of solutions including advanced studio solutions to radio stations worldwide," Jim Woods, vice president, radio systems business unit of Harris Broadcast Communications Division. "PR&E is a recognized industry leader in the design, development and integration of analog and digital radio studio solutions. Their complete range of analog and digital audio consoles have defined performance and reliability in the studio. Coupled with Harris' extensive sales and distribution channels as well as our systems design and integration capabilities, this acquisition brings together two companies with proven custom engineering, integration and customer service that will ultimately provide radio broadcasters a comprehensive range of analog and digital broadcast equipment and systems. PR&E also provides Harris' Broadcast Communications Division a solid base of operations on the west coast."

Jack Williams, PR&E Chairman and CEO said meanwhile, "The complementary strengths of the two organizations brings both a wider and deeper range of services and high-technology products to the rapidly changing broadcast industry. PR&E's thirty years of consulting, custom system design and integration work, along with its expertise in both analog and digital audio technology, are an excellent fit with Harris' strategic vision for the domestic and international broadcast marketplaces. As we merge together with Harris Corporation, we see that our No. 1 priority of serving our clients will be met on a world-wide basis. The availability of resources within the two companies will trigger faster paced solutions in appropriate integration platforms for our client base."

Harris is an international communications equipment company focused on providing product, system and service solutions that take its customers to the next level. The company provides a wide range of products and services for commercial and government communications markets such as wireless, broadcast, government and network support. The company has sales and service facilities in nearly 90 countries.

PR&E manufactures high quality broadcast studio products and provides turnkey studio design/integration services to the worldwide broadcasting industry. Products include on-air and production mixing consoles, studio furniture and systems integration services.

For more information, visit PR&E's Web site at www.PRE.com.

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Edited by Gary Stigall. Posted 4-Aug-99.