Klegg Electronics Inc (KLGG)

[TradingForWealth]

Utek: Klegg Electronics Issues Co 8.55M Shrs For Unit Buy>UTK
Last update: 6/4/2007 10:05:06 AM
DOW JONES NEWSWIRES
UTEK Corp. (UTK) said Monday that it received 8.55 million unregistered shares of Klegg Electronics Inc. (KLGG) in a stock-for-stock exchange involving UTEK's Klegg Network Storage Technologies Inc. unit.
In a press release earlier Monday, the Tampa, Fla., specialty finance company focused on technology transfer said Klegg Electronics completed the acquisition of the UTEK unit, but didn't provide details of the transaction. Klegg Electronics makes and distributes consumer electronics.
Klegg Network Storage Technologies has a license to a high performance network bridge chip that enables the host to attach one or more storage devices directly to a network, according to a Securities and Exchange Commission filing Monday.
Shares of UTEK closed Friday at $15.15 each, while Klegg Electronics' shares closed at 44 cents each.
-Gee L. Lee, Dow Jones Newswires; 202-862-1346
(END) Dow Jones Newswires
June 04, 2007 10:05 ET (14:05 GMT)