Electro-Sensors, Inc. Announces Sale of the AutoData System Division |
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Electro-Sensors, Inc.
6111 Blue Circle Dr., MS-1195 (Minneapolis Suburb)
Minnetonka, MN, 55343 9108
USA
Press release date: October 12, 2011
MINNETONKA, Minn., Oct. 12, 2011 - Electro-Sensors, Inc. (Nasdaq: ELSE) (the "Company") announced today that the Company has sold its AutoData Systems Division to Auto Data Inc., a new corporation owned by a group of investors who intend to add personnel and resources in order to further grow the business. Presently, the AutoData Systems business develops and distributes desktop software for designing scannable forms, such as customer satisfaction surveys and automated data collection using scanners for forms processing. Electro-Sensors, Inc. will receive a 3% revenue earnout from AutoData Inc. for a period of 5 years. The transaction will also allow the Company to focus on its core markets. Electro-Sensors, Inc. manufactures and distributes electronic instruments used to monitor shaft speeds, bearing temperature, belt misalignment, and position in industrial applications and also offers complete hazard monitoring systems for agricultural processing facilities.
SOURCE Electro-Sensors, Inc.
Web Site: http://www.electro-sensors.com
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