Jul 1, 1996 12:00 PM

Concurrent with the May 21 announcement of its 1995 financial results, Simmonds Capital Limited, Willowdale, Ontario, Canada, announced that the company will sell its remaining Midland distribution businesses. The U.S. distribution business of Midland International, based in Kansas City, MO, is to be combined with Securicor Radiocoms, Surrey, England, and the Roamer One airtime services business owned by Intek Diversified, Torrance, CA, under a previous agreement. Securicor Radiocom's parent, Securicor Group, Surrey, England, will have a controlling interest in the combined business, with Simmonds owning a minority interest.

Simmonds will continue to participate in the wireless communications business through Midland Systems (also known as SCL Systems), Pickering, Ontario, Canada, and through minority investments in other wireless companies.

The 1995 financial results indicate a net loss for Simmonds of $9,318,000 on sales of $94,145,000 (Canadian). "While we are disappointed with the results for 1995," said John Simmonds, the company's chief executive officer, "we remain optimistic about the significant potential and the value in our electronics businesses and the opportunities in the wireless communications market."

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