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OIS Sells Assets, Pays Off Bank Debt

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NORTHVILLE, Mich., Jan. 10 -- OIS Optical Imaging Systems Inc. announced that it has completed the sale of its assets to Guardian Industries Corp., as per the December 1999 agreement between the two companies. OIS received approximately $40.2 million in the deal, of which approximately $30.5 million was used to discharge all outstanding bank debt. The bank debt had been secured by OIS's assets, and the company's banks were unwilling to extend the terms of the loans beyond December 31, 1999. Through its majority-owned subsidiary, GD Investments Corp., Guardian Industries holds...Read full article

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    Published: January 2000
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