Business
Mindready announces acquisition that will more than triple annual sales and drive business growth
Mindready announces acquisition that will more than triple annual sales and drive business growth.
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Nov. 16 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)\n(\"Mindready\") is pleased to announce the acquisition of UTTC United Tri-Tech\nCorporation (\"UTTC\"), an electronics manufacturing services (\"EMS\") company\nwith sales of $50 million for the 12 months ended September 30, 2005, an\nEBITDA(x) of $4 million and more than 200 employees. Closing is subject to\nconsent by UTTC's banking syndicate and customary conditions.\nHeadquartered in Cornwall, Ontario, UTTC is a leader in highly complex,\nmedium-volume products incorporating radio frequency and other high-end\ntechnologies used primarily in the military and communications industries,\nwith a focus on rapidly growing wireless end-markets.\n\"This is a very exciting transaction for the shareholders of Mindready\nand UTTC, creating a new company with the critical mass to compete effectively\nin high-growth markets,\" said Claude Delage, president & CEO of Mindready.\n\"UTTC has strong customer relationships with leading Original Equipment\nManufacturers (\"OEM\") and a very capable team with many years of operational\nexperience in high technology. The two companies are an excellent strategic\nand operational fit.\"\nServicing leading OEMs in the wireless telecommunication and military\nelectronics markets, UTTC offers design, prototyping, full turn-key\nmanufacturing, new product introduction, system integration and testing,\nengineering support, supply chain management, final system assembly and after\nsales support. Its customers include Ultra Electronics (formerly Canadian\nMarconi Corporation), EMS-Technologies, NCR, the US military, Verizon, AT&T\nand JDS Uniphase. The majority of its EMS revenue is secured by long-term\nagreements that include negotiated price levels and inventory management\nterms.\nUTTC also has its own line of microwave products that are designed and\nmarketed through its Northern Radio and Wireless (NRW) division in Montreal,\nQuebec. NRW has networks deployed in Caribbean and Latin America, North\nAmerica and Asia.\n\"We were attracted to Mindready because of a common vision to grow, the\ncomplementarity of our business models and the financial flexibility offered\nby their public platform,\" said Joseph A. Ippoliti, president & CEO of UTTC.\n\"This transaction allows us to accelerate growth in the U.S. marke...