Lancaster Firm Offers to Buy Electronic Systems
An obscure Lancaster company has made an offer to buy Electronic Systems Technology Inc. for 55 cents a share, or a total of $2.75 million.
The offer, disclosed in a letter to Electronic Systems that was also filed with the Securities and Exchange Commission, was made by RCW III Products & Enterprises Corp. But the letter did not say what business RCW is in, and its president, Robert C. Woolfork III, declined in an interview to explain his operation or to elaborate beyond the SEC filing.
The California secretary of state’s office said RCW III was incorporated in 1982, but that the agency has no description of the company’s operation. The company has not filed any information with the agency since 1985.
Electronic Systems, based in Kennewick, Wash., is a small publicly held maker of electronic modems and other components. The company’s sales in 1990 were just under $1 million, said Ralph J. Heck, vice president and treasurer.
Heck confirmed that his company received the takeover offer, but said “we don’t know anything about” RCW III or Woolfork. “We’ve asked them for some financial information,” Heck added.
