HOLMDEL, N.J.-CommUnique Corp. said it will sell two-thirds of its wireless division in a restructuring agreement aimed at better focusing the company’s two disparate segments on their respective markets. CommUnique will be renamed Formal Systems America Inc.
Today, CommUnique is comprised of two divisions-the wireless division and a business offering software re-engineering and Year-2000 remediation services.
The three founding principals of the wireless division-Edwin Brownrigg, Greg Karr and Thomas Wilson-will purchase two-thirds of the business, called CommUnique Wireless, and Formal Systems will retain a one-third interest.
Brownrigg will head the new wireless company, which offers last-mile wireless data and Internet access using software enhancements to spread-spectrum radios.
Formal Systems also will replace the CommUnique board of directors. Appointments include: Richard Bolton, interim chairman; Melanie Fendt, president, chief executive officer and director; Eric Hellige, director; Tony Keyes, director; and Nathan Sugerman, director.
The proposed restructuring is contingent upon the completion of an equity private placement to raise $6 million.
