San Diego-based Titan Corporation has received a private letter ruling from the Internal Revenue Service (IRS), giving it the green light for its proposed stock distribution of its SureBeam Corporation subsidiary.

Titan said that the distribution of SureBeam stock to Titan stockholders will be tax-free to Titan and Titan stockholders for US federal income tax purposes.

While Titan’s board of directors has not yet established a record date nor the anticipated date for the distribution of SureBeam shares to Titan stockholders, Titan expects the spin-off to occur in the Q3 2002.

The exact ratio of the number of SureBeam shares to be received for each share of Titan owned will be determined on the record date.