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Olathe, Kansas |
9/21/2007 |
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Elecsys Corporation Completes Acquisition of Radix Assets |
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Olathe, Kansas (September 21, 2007) - Elecsys Corporation (AMEX: ASY) announced today that it has completed its acquisition of the assets and the assumption of certain liabilities of Radix International Corporation and Radix Corporation of Salt Lake City, Utah. The transaction closed on September 17, 2007.
The Company acquired approximately $2.5 million in tangible assets, including accounts receivable, inventory, and fixed assets, as well as all of the intellectual property and intangible assets owned by Radix International Corporation and its subsidiary. In the transaction, the cost to the Company was approximately $2.2 million and the Company assumed approximately $1.4 million in liabilities. The transaction also includes performance related compensation based on the annual revenues of the acquired business over the next five years. The total performance related compensation is limited to approximately $1.75 million and is subject to certain considerations that may impact the total amount to be paid.
Mr. James H. Benson, who had previously served as Executive Vice President for Engineering and had held various leadership positions at Radix International Corporation for the past 32 years, has been named President of a subsidiary created by Elecsys for this business. Mr. Benson will be based in Salt Lake City, Utah and will oversee the sales, marketing, and product development efforts of the company along with the product integration and service functions that will be transferred to the Company's Olathe, Kansas facility.
Elecsys Corporation is a publicly traded holding company with three wholly owned subsidiaries, DCI, Inc., NTG, Inc., and the newly created subsidiary. DCI provides electronic design and manufacturing services for original equipment manufacturers in the aerospace, transportation, communications, safety, security and other industrial product industries. DCI uses its specialized expertise and capabilities to integrate custom electronic assemblies with a variety of innovative display and interface technologies. NTG designs, markets, and provides remote monitoring solutions for the gas and oil pipeline industry as well as other industries requiring remote monitoring solutions. Radix, the newly created subsidiary, is a leader in the development, design and marketing of ultra-rugged handheld computers, peripherals and portable printers. The markets served by its products include utilities, transportation logistics, traffic and parking enforcement, route accounting/deliveries, and inspection and maintenance. For more information, visit our website at www.elecsyscorp.com.
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United States |
11/07/2006 |
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ESRI International User Conference |
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ESRI International User Conference, was held on August 7 - 12, 2006 at San Diego Convention Center, San Diego, CA. This conference is the largest GIS event of the year and a great opportunity to network with GIS and IT professionals from around the world.
Environmental Systems Research Institute is one of the world's largest Geographical Information Systems (GIS) software providers. The ESRI International Users Group is the user meeting, symposium and tradeshow all rolled into one in beautiful San Diego, CA. With over 15,000 attendees, this is the biggest show Radix attends each year. This year we exhibited our ultra-rugged mobile computers that are ideal for the GIS/GPS market space.
Radix introduced the FW900 handheld computer and the FW1000 pen tablet with GPS capabilities. These products were met with rave reviews by the attendees of the show. Radix was the only manufacturer that actually dropped its equipment into a water tank to demonstrate our outdoor capabilities. We pleasantly surprised GIS, GPS and other outdoor mobile computer users looking for ultra-rugged products for their working environment.
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