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Odetics Postpones Spinoff of Iteris

March 22, 2000|Bloomberg News

Odetics Inc., an Anaheim supplier of communications equipment and services, said it is delaying the spinoff of its Iteris Inc.

The spinoff had been scheduled for Tuesday, but shares now will probably be distributed to Odetics shareholders on Thursday, the parent company said in a press release. The spinoff is being treated as a tax-free exchange under a decision by the Internal Revenue Service, Odetics said.

Iteris makes traffic management safety systems, such as a device that warns drivers if their vehicle wanders into another lane.

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