Tech firm Cirtek Holdings Philippines Corp. (CHPC) is selling its US antenna solutions business, held through Quintel USA Inc., for $5.3 million as part of efforts to streamline operations and focus on business units with stronger potential.

In a disclosure to the Philippine Stock Exchange, the firm said it has executed an Asset Purchase Agreement for the sale of substantially all operating assets of its antenna solutions business—conducted through its wholly-owned subsidiary Quintel USA—to John Mezzalingua Associates, LLC (JMA), a recognized provider of wireless infrastructure solutions in North America.

Under the terms of the agreement, JMA will acquire Quintel’s assets, including customer contracts, intellectual property, inventory, accounts receivable, product-related records, and other operating assets associated with the antenna business. JMA will also assume certain liabilities associated with the business.

“The transaction reflects CHPC’s ongoing portfolio optimization and resource alignment. Proceeds are expected to support initiatives that improve financial flexibility, reduce obligations, and reinforce shareholder value over time,” Cirtek said.

The total payment in the transaction is subject to the deduction of assumed and other agreed liabilities, with the final amount to be confirmed following the completion of a liability resolution process.

An initial payment of $3.3 million is payable within 14 days after closing. The remaining balance of approximately $2 million will be paid after the final determination of deductible liabilities, currently targeted within four months after closing.

“The sale of Quintel is an important step in streamlining our operations and focusing on businesses with the greatest potential for long-term growth and profitability,” said Cirtek President Antonio Callueng.

He noted that, “This transaction enables us to concentrate our resources on areas where we see the strongest opportunities ahead. We are confident that this move will allow us to redirect our efforts toward achieving sustainable growth.”

The transaction effectively transfers the Quintel business operations and related assets to JMA, which intends to continue serving customers in the wireless communications infrastructure market. Cirtek and JMA will work together to facilitate an orderly transition of the business, customers, intellectual property, and other transferred assets.

Following the completion of the transaction, Cirtek said it will continue to evaluate opportunities to enhance operational efficiency, strengthen liquidity, and maximize value for shareholders across its remaining business segments. (James A. Loyola)