API Technologies Acquires the Assets of RTI Electronics Inc.
ORLANDO, Fla., March 19, 2012 /PRNewswire/ — API Technologies Corp. (NASDAQ: ATNY) (“API” or the “Company”), a provider of electronic systems, subsystems, RF, and secure solutions for the defense, aerospace, and commercial industries, today announced that it has completed the acquisition of substantially all of the assets of RTI Electronics (“RTI”) for a total purchase price of $2.3 million in cash.
Based in Anaheim, California, RTI is a leading manufacturer of passive electronic components, including thermistors, film capacitors, magnetic transformers and inductors, and audio power conditioning units. RTI had revenues in 2011 of approximately $4 million from a diverse Fortune 500 customer base spanning the audio, defense, aerospace, and industrial markets.
Bel Lazar, President and Chief Operating Officer of API Technologies stated, “Through this acquisition, API enhances its magnetics and film capacitor product lines, as well as broadens its sensor offering with QPL listed products. Additionally, RTI customers will benefit from API’s manufacturing and distribution capabilities.”
About API Technologies Corp.
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies’ customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitechnologies.com.
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Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the 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. These risks and uncertainties, which are more fully described in the Company’s Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
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