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Article: Total Control Products, Inc. Announces Final Agreement for the Sale of TESS Software Product Line
- Article from:
- PR Newswire
- Article date:
- September 29, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELROSE PARK, Ill., Sept. 29 /PRNewswire/ -- Total Control Products, Inc. (Nasdaq: TCPS) announced today that Taylor Industrial Software, Inc., the Company's majority-owned subsidiary, ("Taylor") completed the Company's sale of its TESS software product to an entity controlled by Neil R. Taylor, the former principal shareholder of Taylor and a director and executive officer of the Company. The Company received approximately $4 million, of which $2 million was paid in the form of a note, with the remainder paid in cash.
Mr. Taylor's role in the TESS investment will be one of a passive investor. Mr. Taylor will continue to serve on the Company's board of ...
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