Odetics sells headquarters

SSN Staff  - 
Monday, July 1, 2002

ANAHEIM, Calif.-Odetics Inc., parent company of access control maker MAXxess, announced that it had completed the sale of its headquarters for $22.6 million and signed a contract to lease the facility back for the next ten years.

The property, which serves as the company's operating facilities, was sold to a private Orange County investment group. The proceeds from the sale will be used to pay down debt and provide for general working capital requirements.

"We are very pleased to complete this sale which has also eliminated $16.4 million in short-term debt including accrued interest expense," said Greg Miner, chief executive officer of Odetics. "The leaseback provision assures a continuity of our business operations."