* IRT Corp. has signed a definitive...
* IRT Corp. has signed a definitive agreement concerning its previously announced plan to sell its system survivability and high-power microwave business to Maxwell Laboratories of San Diego. Combined with its national security systems unit sold recently to Jaycor of San Diego, the two units last year generated 37.5% of IRT’s $34.4 million in fiscal 1988 revenue.
Sale price of the two units to Maxwell has been set at about $6 million, IRT said. The sale is subject to approval by IRT shareholders, secured lenders and to certain other conditions. Shareholders will vote on the sale at IRT’s as-yet-unscheduled annual meeting early next year.
