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May 5, 1988

VODAVI TECHNOLOGY, ISOETEC REVISE TERMS OF THEIR PROPOSED MERGER

By CBR Staff Writer

Vodavi Technology Corp, Scottsdale, Arizona, and Isoetec Communications Inc have now announced the proposed structure of their previously announced merger – which is still subject to approval by the shareholders of both companies. Under the plan, Isoetec would merger with and into Vodavi, with the surviving corporation to be renamed. The companies already jointly own and operate Executone Inc, acquired from Contel Corp of Atlanta in February. The pair have also revised the prevously announced exchange ratio for their shares, so that holders will now get 2.5 shares of the surviving corporation’s common for each Isoetec they hold. Neither company knows of any reason for recent market activity in their shares, although they hope it is simply growing market recognition of the benefit they expect to realise from the combination of all three operations and a normal market adjustment in their relative share prices as a result of announcement of the merger. Vodavi designs and markets telecommunications systems and equipment and office products, Isoetec designs and markets microprocessor-based communications systems for businesses with up to 150 desktops, ranging from basic telephone systems to integrated voice and data switches.

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