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Electronics Production | May 19, 2011

PhotonStar acquires Camtronics Vale

PhotonStar LED Group has acquired EMS-provider Camtronics Vale Limited.
In the year to 31 March 2010, Camtronics - based in Tredegar (Wales / UK) - achieved sales of GBP 1.6 million, profit before tax of GBP 20'900 including the benefit of a non-recurring GBP 103'573 inter-company loan waiver from its former parent. Excluding the credit from the loan waiver, EBITDA for the year was a loss of GBP 14,367. Net assets at 31 March 2010 were GBP 0.2 million.

Terms of the Acquisition

The initial consideration of GBP 275,000 will be satisfied by a cash payment of GBP 100'000 and by the issue of 1'121'076 ordinary shares of 10 pence each in the share capital of the Company (“Consideration Shares”). The amount of additional consideration payable, up to a maximum of GBP 100'000, will be calculated by reference to Camtronics’ turnover for the period 1 April 2011 to 31 December 2011. The additional consideration will be settled 75% in cash and 25% in Ordinary Shares.

The Acquisition was completed on 13 May 2011.

James McKenzie, CEO of PhotonStar said: “We are delighted to welcome Camtronics to the Group and look forward to developing the expertise within both companies. This acquisition provides us with technical strength and capability in surface mount electronics and reduces planned capital equipment spend. PhotonStar continues to trade in line with expectations and our LED fixture business continues to scale up as anticipated."

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