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© eskymaks dreamstime.com Components | April 19, 2013

API completes sale of Sensors Business

API Technologies announces the sale of its Sensors Products business (“Sensors”) to Measurement Specialties, Inc. in a USD 51.4 million all-cash transaction. Net cash proceeds from the transaction will be used to pay down debt.
Sensors, which includes thermal, position, and inertial sensor products, accounted for $26.2 million of API Technologies’ revenue in fiscal year 2012.

"This tax-efficient sale of our Sensors business allows API to significantly delever its balance sheet, dedicate resources to growing our core business, and solidify our position as a leading provider of high reliability solutions, with a focus on RF/microwave and microelectronics technologies,” said Bel Lazar, President and Chief Executive Officer of API Technologies Corp. “Measurement Specialties is a leader in sensors and sensor-based electronic devices and serves as a great partner for this transition and Sensors’ customers in the future.”

The Sensors sale is part of API’s previously announced strategic review process. The strategic review process is ongoing and the Company does not intend to discuss or disclose further developments with respect to the Board’s process unless and until the Board has approved a specific course of action.
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