MONTREAL, Dec. 1 /CNW Telbec/ - Mindready Solutions Inc. (TSX: MNY)
("Mindready") announces the closing of the acquisition of UTTC United Tri-Tech
Corporation ("UTTC").
UTTC is an Electronic Manufacturing Services ("EMS") company serving
major Original Equipment Manufacturers ("OEM") in the wireless
telecommunication and military electronics markets, including its Northern
Radio and Wireless ("NRW") division located in Montreal. NRW develops and
markets a line of microwave products and has over 35,000 units deployed in the
Caribbean and Latin America, North America, the Middle East and Asia. UTTC has
200 employees in Cornwall, Montreal, Tucson and Shanghai, and posted sales of
$49.8 million for the last 12 months, with EBITDA(x) of $3.98 million.
With the contribution from UTTC and Radical Systems, as well as initial
revenues from the new office in Austin, Texas, Mindready expects a significant
increase in fourth quarter revenues.
About Mindready Solutions
Mindready Solutions Inc. (TSX: MNY) is a leading supplier of innovative
end-to-end solutions for new electronic product introduction, from design to
manufacturing and test systems, serving the aerospace & defense, wireless
telecommunication and automotive & transportation markets. Mindready serves
clients such as Lockheed Martin, Raytheon, Northrop Grumman, Boeing, Visteon,
Rockwell Collins, NASA, Motorola, Panasonic, Alcatel, Ultra Electronics, EMS-
Technologies, NCR, the US military, Verizon, AT&T and JDS Uniphase.
(x) EBITDA (defined as earnings before interest, taxes, depreciation and
amortization) is not calculated in accordance with GAAP and there is
no standard definition of this term. Accordingly, it is unlikely that
comparisons can be made among different companies that present
EBITDA. Mindready believes that EBITDA is a useful measure because it
excludes items that are not typical of ongoing operating activities
as well as items that are outside management's control.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
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