Sparton extends agreement

SCHAUMBURG - Sparton Corp. announced that its wholly-owned subsidiary, Sparton Technology Inc. has entered into a Lease Extension and amendment agreement and simultaneously entered into an option agreement with Albuquerque Motor Co., related to approximately 12 acres of land in Albuquerque, N.M. By the terms of the lease agreement, Sparton extended the lease term to 50 years, with total rent payable of $3.3 million. On the commencement date, Albuquerque Motor Co. prepaid $2.475 million in cash, with $275,000 due on the first of May each year through 2013.