Celestron News 28 June 2002: Celestron Acquried by Management

OK fans, for the moment the suspense is over. In the announcement published by Celestron:

"Three long-term members of Celestron's senior management team Joseph A. Lupica, Jr., Alan Hale, and Richard Hedrick, have purchased most of the assets of the company including the trademark name "Celestron". The acquisition, effective June 28, 2002, ends months of speculation about the company's future that was the result of the recent liquidation of its parent company Tasco Worldwide. The management team has formed a new corporation called "Celestron" which begins operations immediately without any interruption of the previous business.

Mr. Lupica, the company's new President and CEO stated "we had to overcome many obstacles over the past ten months to complete the acquisition of certain assets of the company. Although we continually faced adversity, our employees remained loyal; in fact, we did not lose one long-term member of the Celestron team. All throughout this process, we remained focused on the goal to have Celestron become an independent company that continues to manufacture and distribute quality consumer optical products."

Mr. Hale, Chairman of the Board of the new company, stated "The new Celestron can now move forward and focus on product development. Celestron has enjoyed an enviable reputation in the optics field for many years due to its innovative and creative designs not only in telescopes but also in binoculars, spotting scopes, accessories and related items. With its dedicated and talented group of employees, the company will maintain this reputation by providing high quality products and superior customer service to consumers, dealers, and distributors worldwide."

Mr. Hedrick, the new company's Senior Vice President & Chief Technology Officer, stated "This acquisition allows us to continue development of new products and give uninterrupted support to existing products in the marketplace. As an amateur astronomer and telescope maker myself, I can appreciate our customers' concerns and share their excitement that Celestron will continue to be a force in the amateur astronomy community."

Celestron will continue to operate from its present location in Torrance, California."

Other Related Links at :

May 29, 2002: FTC Authorizes Injunction to Pre-empt Meade...FTC Authorizes Injunction to Pre-empt Meade Instruments' Purchase of All, or Certain Assets, of Tasco Holdings, Inc.'s Celestron International

May 28, 2002: Tasco Worldwide began the process of liquidating

June 1990: Celestron International acquired by the Miami Florida based Tasco, Inc.

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