Active Control Signs Share Purchase Agreement to Acquire PowerCart
2011年8月12日 - 9:00PM
Marketwired
Active Control Technology Inc. (TSX VENTURE: ACT) ("ACT" or the
"Company"), a leading provider in the design, manufacture and
marketing of both wireless and fiber network solutions for mine
communications, and the commercial security and access control
industries, announced today that it has executed a binding share
purchase agreement ("Agreement") with the shareholders of PowerCart
Systems Inc. ("PowerCart") to acquire all of the issued and
outstanding shares of PowerCart for 5,834,833 post-consolidation
common shares of ACT.
Further to the previous press release of April 6, 2011, the
outstanding capital of ACT will be consolidated on the basis of one
(1) post-consolidation common share for every twenty (20)
outstanding common shares before closing the transaction with
PowerCart (the "Consolidation"). The Consolidation received
shareholders approval at ACT's Annual General and Special Meeting
of Shareholders held on Thursday February 10, 2011. The Company
will be filing Articles of Amendment shortly to effect the
Consolidation and will issue a press release advising of the
effective date on which the Company's common shares will trade on a
post-consolidated basis. After giving affect to the transaction and
the Consolidation, shareholders of PowerCart will hold 33% of ACT
on closing. In addition, the vendors will be granted two seats on
ACT's board of directors.
PowerCart currently has annual revenues of $2.5 million and
earnings of $240k which will be immediately accretive to ACT. The
new combined entity is expected to be cash-flow positive with
improvements in margins and overheads.
The combination is expected to bring considerable synergies:
-- Strengthened management team with expertise in contract manufacturing
and cost optimization
-- Additional sales team for new business development
-- Cash and access to additional capital
-- Immediate improvement in gross margins from integration of a key
supplier
-- Strengthened engineering and regulatory talent
-- Existing locations improve proximity to customers, and
-- Considerable tax loss carry-forwards to shield earnings.
"We are thrilled with the synergies that the PowerCart team will
bring to ACT" said Graham Warren, ACT's CEO. Jonathan Emanuel,
PowerCart's CEO commented: "by joining forces, we can fully
capitalize on ACT's industry-leading technology and market position
as well as continue to grow PowerCart's strong customer base".
The transaction is expected to close within two weeks.
About PowerCart
PowerCart is the original industry founder of mobile power
solutions with a legendary reputation for reliability and on-time
delivery with over 30,000 units sold. PowerCart continues to lead
the industry in design and innovation, for solutions requiring
backup and mobile power. PowerCart offers all of its solutions in
the retail, warehousing, courier and mining sectors with a
bumper-to-bumper one year warranty - the best in the industry.
PowerCart has locations in Mississauga, Ontario, Canada, and
Medina, Ohio, USA. For more information, visit
www.powercart.com.
About Active Control Technology
Active Control Technology is involved in the design, manufacture
and marketing of both wireless and fiber network solutions for mine
communications, and the commercial security and access control
industries. The Company has two product lines: ActiveMine™, a fully
integrated wireless and/or fiber communications and locating
technology for underground coal mines, and ActiveSecure™, a family
of wireless products for the access control industry. Located in
Burlington, Ontario, Canada, Active Control Technology trades
publicly on the TSX Venture Exchange under the symbol ACT. For more
information, visit www.activecontrol.com.
Get more out of your mine.™
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking statements that involve risks and
uncertainties, which may cause actual results to differ materially
from the statements made. When used in this document, the words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and, as
such, are subject to risks and uncertainties. Many factors could
cause our actual results to differ materially from the statements
made, including those factors discussed in filings made by us with
the Canadian securities regulatory authorities. Should one or more
of these risks and uncertainties, such as changes in demand for and
prices for the products of the Company or the materials required to
produce those products, labour relations problems, currency and
interest rate fluctuations, increased competition and general
economic and market factors, occur or should assumptions underlying
the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any
obligation to update these forward-looking statements, except as
required by law. The reader is cautioned not to put undue reliance
on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Active Control Technology Graham Warren President and
CEO 905-670-5500 gwarren@activecontrol.com PowerCart Systems Inc.
Jonathan Emanuel President 905-364-0050 jemanuel@powercart.com
(TSXV:ACT)
過去 株価チャート
から 5 2024 まで 6 2024
(TSXV:ACT)
過去 株価チャート
から 6 2023 まで 6 2024