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Odetics Decides Timing's Wrong for Spinoff Plan

March 23, 2000|Bloomberg News

Odetics Inc., an Anaheim supplier of communications equipment and services, said it is postponing plans to spin off its Iteris Inc. unit because of volatility in the stock market.

Earlier this week, Odetics had announced a two-day delay in its plans to distribute Iteris shares to Odetics shareholders. The unit makes traffic-management safety systems such as a device that warns drivers if their vehicles wander into another lane.

Odetics shares fell 31 cents to $18.13. The announcement was made after the close of regular U.S. trading.

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