April 12, 2010 (FinancialWire) — Wireless Telecom Group, Inc. (AMEX: WTT) said it has executed a definitive agreement to sell substantially all of the operating assets of its wholly owned subsidiary Willtek Communications GmbH and affiliates to Aeroflex Inc., in exchange for $2.75 million in cash and the assumption of certain liabilities.

The closing of the sale is scheduled to occur on or about April 30.

Wireless Telecom said the cash purchase price is subject to a post-closing adjustment if the adjusted net assets sold at the date of closing are less than the adjusted net assets target set forth in the purchase agreement. It added that, as part of the sale, all current employees of Willtek Communications GmbH and its affiliates will be assumed by Aeroflex.

The company said the transaction will allow it to focus its efforts and strong financial resources on its remaining Noisecom, Boonton and Microlab brands. These brands have historically been the core business of the company, according to Wireless Telecom.

New Jersey-based Wireless Telecom Group designs and manufactures radio frequency and microwave-based products for wireless and communications industries and markets its products and services worldwide under the Boonton, Microlab, Noisecom, and Willtek brands.

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