Wencor and IMS Agree to Terminate "Letter of Intent" for Purchase of IMS
SPRINGVILLE, Utah - July 29, 2005 - Wencor and IMS have mutually agreed to terminate their "Letter of Intent" for Wencor to purchase IMS. "During the due diligence period," said J. Brent Wood, CEO of Wencor, "it became apparent to both parties that there were some irreconcilable differences on several key issues."
The parties have agreed to cease further discussions and go their separate ways in the IFE marketplace. "We have ceased discussions on an amicable basis with each company wishing the other best wishes for the future of each company," said Joseph Renton, President of IMS.
Contact:
Contact: Bob Carey
Tel: (801) 489-2127
Fax: (801) 489-2199
