UNIVERSAL COMMUNICATION <UCS> TO SELL ASSETS
Universal Communication Systems Inc
said it has tentatively agreed to sell substantially all its
assets for about 79 mln dlrs in cash and notes plus limited
profit participation.
    The company said the terms of the sale have been approved
by its board and by Prime Motor Inns Inc <PDQ>, owner of about
84 pct of Universal's outstanding stock.
    It described the purchaser as a subsidiary of a company in
the communications field which is one of the 100 largest U.S.
corporations.
    The company said the transaction involves the payment of 20
mln dlrs in cash, a non-interest bearing payment of 11.3 mln
dlrs in four equal instalments over four years and two
promissory notes guaranteed by an affiliate of the purchaser.
    It said a 31.5 mln dlr 14 pct note is payable in four equal
instalments over four years. It said a 16.3 mln dlr 8.5 pct
note due Dec 31, 1992, includes participation in the 1992
profits of the acquiring company. Universdal said the profit
element can be terminated with payments by the purchaser of
either five mln dlrs in 1988, six mln dlrs in 1989, seven mln
dlrs in 1990 or eight mln dlrs in 1991.
 Reuter
