PCB |
VirTra Systems to Acquire Three High Technology Companies
VirTra Systems, Inc. today announced that it has signed a letter of intent to acquire three private electronics companies, Altatron, Inc., Dynalyst, Inc., and Suntech, Inc.
Under the terms of the anticipated definitive agreement, VirTra Systems will acquire the three companies in a stock-for-stock or merger transaction. Terms of the transaction were not disclosed. The agreement will be subject to a number of conditions, chiefly VirTra Systems' due diligence review and approval by its shareholders.
Altatron is an ISO 9001:2000 original equipment manufacturer in the telecommunications, networking, computer, consumer electronics, and medical devices industry. Dynalyst is a boutique company focusing on extremely high-end PCB design engineering and fabrication for the semiconductor industry. Suntech is also an ISO-certified company delivering customized electronic components, primarily electronic printed circuit boards, with physical presences in Taiwan, Hong Kong, and China.
In addition to vertical integration of components required for VirTra Systems' IVR™ simulators, the acquisition would bring valuable ISO qualifications and such customers as L-3 Communications, Intel, AMD, and Motorola.
L. Kelly Jones, VirTra Systems' chief executive officer, stated "We are highly energized over this merger, as it completes this stage of the reorganization of our company. This acquisition fosters vertical integration for our IVR simulator components, allowing us to keep more of our production in-house, and also provides expansion into related high-technology electronics markets. Further, with these three divisions' projected 2006 revenue exceeding $30,000,000, this acquisition brings financial critical mass enabling us to obtain greater market reach and managerial support, while achieving significant economies of scale."
Under the agreement, Mr. Jones will remain as chief executive officer of the combined company.
"We have been following VTSI for some time, particularly its technological lead in the training/simulation industry," commented Daniel "Bo" Lee Ritz, Jr., Altatron's and Dynalyst's chairman. "With VirTra Systems poised to dramatically expand its market position, we are excited to bring our world-class technological facilities, cash flow, and managerial experience to VirTra Systems, creating a company with unparalleled technology and business development opportunities."
"We at Suntech are pleased to participate in this transaction," commented Errol Melville, Suntech's chief executive officer. "The synergies of the combined company open new business growth opportunities allowing us to more effectively compete on a global scale."
