Bridge Technology Sells Power Supply BusinessApril 29, 2003 by Jeff Shepard
Bridge Technology Inc. (Garden Grove, CA), a data storage and communication components distribution company, announced the sale of its power supply business. The board of directors unanimously approved an agreement reached on April 21, 2003, between the company and Wantec Power Systems Co. Ltd. and Winston Gu for the sale of the company's subsidiaries Autec Power Systems Inc. and Bridge Technology Co. Ltd. (Ningbo, China) for 1,270,000 shares of Bridge Technology Inc. common stock owned by Winston Gu.
The effective date is December 31, 2002. The divestiture had been previously unanimously mandated by the company's board of directors and will be presented to the shareholders for ratification at the annual shareholder meeting in mid-May 2003.