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API Technologies Sells Data Bus Product Line for $33M; Bel Lazar Comments

api technologies corpAPI Technologies Corp. has sold its data bus product line to Data Device Corp. for $32.5 million in cash.

The products comprise the National Hybrid brands and the MIL- STD-1553 and MIL-STD-1760 products from the U.K., API said Monday.

Bel Lazar, president and CEO of API Technologies, said the company intends to focus its resources on developing new products and platforms.

“Since the product line’s introduction in 1974, the National Hybrid name has been synonymous with military specification data bus products, ” Lazar said.

The transaction is part of the company’s ongoing strategic review process, API said, adding that the proceeds of the sale will be used to pay company debts.

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