Business
Mindready completes acquisition of UTTC United Tri-Tech Corporation
Mindready completes acquisition of UTTC United Tri-Tech Corporation.
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"\n\n\n\n\nMONTREAL, Dec. 1 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)\n(\"Mindready\") announces the closing of the acquisition of UTTC United Tri-Tech\nCorporation (\"UTTC\").\nUTTC is an Electronic Manufacturing Services (\"EMS\") company serving\nmajor Original Equipment Manufacturers (\"OEM\") in the wireless\ntelecommunication and military electronics markets, including its Northern\nRadio and Wireless (\"NRW\") division located in Montreal. NRW develops and\nmarkets a line of microwave products and has over 35,000 units deployed in the\nCaribbean and Latin America, North America, the Middle East and Asia. UTTC has\n200 employees in Cornwall, Montreal, Tucson and Shanghai, and posted sales of\n$49.8 million for the last 12 months, with EBITDA(x) of $3.98 million.\nWith the contribution from UTTC and Radical Systems, as well as initial\nrevenues from the new office in Austin, Texas, Mindready expects a significant\nincrease in fourth quarter revenues.\n\nAbout Mindready Solutions\n\nMindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative\nend-to-end solutions for new electronic product introduction, from design to\nmanufacturing and test systems, serving the aerospace & defense, wireless\ntelecommunication and automotive & transportation markets. Mindready serves\nclients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon,\nRockwell Collins, NASA, Motorola, Panasonic, Alcatel, Ultra Electronics, EMS-\nTechnologies, NCR, the US military, Verizon, AT&T and JDS Uniphase.\n\n(x) EBITDA (defined as earnings before interest, taxes, depreciation and\namortization) is not calculated in accordance with GAAP and there is\nno standard definition of this term. Accordingly, it is unlikely that\ncomparisons can be made among different companies that present\nEBITDA. Mindready believes that EBITDA is a useful measure because it\nexcludes items that are not typical of ongoing operating activities\nas well as items that are outside management's control.\n\nForward-looking statements contained in this press release involve known\nand unknown risks, uncertainties or other factors that may cause actual\nresults, performance or achievements of the company to be materially different\nfrom any future results, performance or achievements expressed or implied by\nsuch forward-looking statements.\...