advertisement

---

On Sept. 17, Salient Systems Inc. shareholders approved a merger with Portec Rail Products Inc.

Holders of more than 82 percent of Salient Systems' issued and outstanding shares, and more than 99 percent of those shareholders attending the meeting in person or by proxy, voted in favor of the merger, according to a Sept. 20 statement issued jointly by Salient Systems and Portec Rail.

Under the deal, which was reached in July, Portec Rail will acquire all of Salient Systems' outstanding shares for a combination of Portec Rail stock and cash. The deal is valued between $12.4 million and $14 million.

Per the agreement, Salient Systems President and Chief Executive Officer Harold Harrison will be named Portec Rail's chief technical officer, and vice president for research and development. He will continue to head R&D for Salient Systems' product line and lead development of Portec Rail's friction management systems.

The merger is expected to close in late September or early October.

Salient Systems markets IntelliTrack(r) wayside electronic data collection hardware and data management software systems designed to enable railroads to monitor track and rolling stock health. Portec Rail supplies rail joints and anchors, spikes, railway friction-management products and systems, and load securement devices.