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SMT & Inspection | February 08, 2006

BTU to Acquire Assets of Radiant Technology

BTU International, Inc. and Radiant Technology Corporation a leading supplier of in-line near infrared furnaces and dryers primarily used in the solar energy industry, today announced that they had entered into a purchase and sale agreement under which BTU will acquire the product lines, trademarks and other related assets of Radiant Technology Corporation (RTC).
The purchase price for the acquisition is as follows: 1) $500,000 in cash and 100,000 shares of BTU common stock, of which 30,000 shares are contingent upon RTC's successful achievement of certain non-financial performance criteria; 2) Royalty payments on any products using the RTC technology manufactured by BTU for a period of 4 years. In addition, the parties would enter into a supply agreement under which RTC would continue to manufacture its products for distribution by BTU after the closing.

According to Paul van der Wansem, chairman and CEO of BTU International, "BTU will assume overall responsibility for the products in terms of cost reductions, the development of new products, as well as worldwide commercialization and customer support."

"The inclusion of the RTC products within the BTU family of products will allow for a stronger competitive position in the global marketplace. In addition, the RTC technology and products provide a good fit with BTU's strategic expansion of the energy generation segment of our business and strengthens our position in the photovoltaic market. This will enable both parties to capitalize on the opportunities ahead," said van der Wansem.

This acquisition is subject to customary closing conditions, including approval by RTC's shareholders. BTU anticipates that the acquisition will close by early March.

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