PCB | January 30, 2007
Titan spins off PCB Business
Titan Global Holdings, Inc., reported that the Company's Board of Directors has authorized a definitive strategic plan to spin-off Titan's Printed Circuit Board ("Titan PCB") manufacturing business to its shareholders, creating a new, more strategic independent public entity.
The spin-off allows the Company to accelerate strategic transaction flow at all divisions which will significantly build overall shareholder value. According to management, in the proposed transaction, Titan will spin-off its PCB Division and retain its Communications Division and the remainder of its Homeland Security and Electronics Division. Titan's Communication Division has grown to $89 Million in revenue in fiscal 2006 and $24.6M in revenue in its first quarter of fiscal 2007. Titan's Communications, Homeland Security and Electronics Divisions are exploring the synergistic acquisition of additional businesses with significant revenue and earnings. The spin-off will be accomplished through the pro rata dividend of 100% of Titan PCB, a wholly-owned subsidiary of Titan, to all shareholders of record on the record date set by Titan. The Company will make appropriate filings with the Securities and Exchange Commission and expects the spin-off to be completed during the Company's 2007 fiscal year. "After considerable consultation with our strategic investors and professionals, Titan's Board concluded that the aggregate value of Titan's 'PCB parts' were more valuable separately than through its existing structure with our other subsidiaries as a single publicly traded company," said Bryan Chance, President and Chief Executive Officer of Titan Global Holdings. "This strategic plan is designed to maximize shareholder value and facilitate the ability of each separate company to grow organically and through strategic acquisitions." Titan's PCB division includes PCB East and PCB West. These companies specialize in the manufacturing of advanced circuit boards and other high tech products for military and high-tech clients, such as Textron, and generated record revenues in 2006. Titan's PCB East holds the highly coveted 31032 manufacturing certification from the U.S. Department of Defense. Titan PCB grew to $20M in revenue in fiscal 2006 and $5.4M in revenue in its first quarter of fiscal 2007. Titan PCB is poised to continue its organic growth. As an independent public company, additionally, Titan PCB could more efficiently execute on ongoing strategic acquisition opportunities in that space. "Titan's team has worked aggressively for nearly two years to improve Titan's operations and increase shareholder value," said David Marks, Chairman of Titan Global Holdings. Through a combination of organic growth and strategic acquisitions, we have made great progress. This strategic plan will enable each company to accelerate their individual plans for organic and strategic growth."
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