Ultrasystems Inc. said Wednesday that it plans to take its Defense and Space Systems subsidiary public in an initial offering expected to raise more than $10 million for the Irvine-based engineering and construction firm.
Phillip Stevens, Ultrasystems' president, said the company plans to file a preliminary prospectus with the Securities and Exchange Commission next week. The offering--1.2 million shares of Ultrasystems Defense and Space Systems Inc.--will take place in October or November, he said.
Ultrasystems, which recently moved to the American Stock Exchange from the over-the-counter market, is seeking an AMEX listing for the new issue, Stevens said, and will continue to hold at least 80% of the shares of Ultrasystems Defense and Space Systems.
The subsidiary, which specializes in defense-related software development and systems engineering, employs approximately 560 people and is expected to generate more than $60 million in revenues this year. Stevens declined to disclose the unit's net earnings.