Communications Systems, Inc. (CSI; NASDAQ: JCS) says its totally owned subsidiary Suttle, Inc. Has sold its FutureLink Fiber commercial enterprise line to PPC Broadband Inc., a unit of Belden. PPC paid $five million in cash for its new property. CSI says it will use the money for trendy corporate purposes.
The FutureLink Fiber line includes modular and stackable enclosures, splitter modules, connectors/adapters, and fiber cables for the network area and consumer connections. Suttle will maintain to fabricate products related to the FutureLink Fiber business line till September 30, 2019 as a part of the acquisition settlement.
“As formerly announced, we’re shifting CSI’s company awareness closer to answers for IoT and network edge management,” stated Roger H.D. Lacey, CSI’s CEO, in explaining the asset sale. “We believe that the sale of Suttle’s FutureLink product line advances us towards that intention and indicators our dedication to an organizational transformation designed to permit CSI to go back to running profitability in 2019.
“The FutureLink suite of fiber solutions are established reliable, flexible, and reliable,” Lacey endured. “However, these products are now not strategically sizeable to our commercial enterprise model. The balance of Suttle’s issue and answers enterprise, comprised basically of the MediaMAX product line, will continue to help key Tier 1 clients.”
CSI also is evaluating different restructuring options, inclusive of a potential sale of its corporate headquarters as well as new product development and what the corporation termed “centered product clarification.”