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News | 04/29/2003 4:00 am EDT

Mitec Telecom sells subsidiary in Thailand
Mitec Telecom Inc. continues to restructure operations with the goal of focusing on core activities as the Montreal-based equipment maker recently announced the sale of its Thailand subsidiary. Mitec has agreed to sell Microwave Technology Co. to the Thai management team for $1.5 million. Half of the settlement is due upon the closing of the transaction. The sale is expected to close on May 30, 2003.

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