Wangtek, Archive Reach Co-Licensing Agreement

Wangtek Inc. of Simi Valley and its parent, Rexon Inc., have reached a 10-year co-licensing agreement involving Wangtek’s tape-drive backup systems used in computer information storage. The agreement, with Archive Corp. of Costa Mesa, resolves a three-year dispute with Archive and a firm it acquired, Cipher Data Corp. Details of the agreement were not disclosed.

For the three months ended June 28, Wangtek’s parent company, Manhattan Beach-based Rexon, announced revenues of $57.8 million and net income of $3.5 million. This compared with revenues of $44.9 million and net income of $2.8 million in the same quarter last year.

For the nine months ended June 28, Rexon reported revenues of $158.6 million and net income of $9.5 million. In the same period a year ago, revenues came to $140.1 million and net earnings were $7.9 million.

Wangtek has 900 employees worldwide, 350 of them at its operation in Simi Valley.