Methode Electronics Announces Investment in Eetrex
May 05 2010 - 5:05PM
Marketwired
Methode Electronics, Inc. (NYSE: MEI), a
global developer of custom engineered and application specific
products and solutions, announced it has become an investor in
Eetrex Incorporated, a Boulder-based developer and manufacturer of
chargers, inverters, and battery systems for hybrid and plug-in
hybrid electric vehicles (PHEV). Since 2006, Eetrex has been a
leader in PHEV conversions for the Toyota Prius and Ford Escape
hybrids. Through its Inverger™ product, Eetrex specializes in the
application of embedded system electronics in the development of
super efficient AC-DC and DC-DC power electronics, energy storage
and fully integrated electric and hybrid electric vehicle systems.
This investment from Methode will be used by Eetrex to advance
their technology and product development efforts.
Methode has acquired 15 percent of Eetrex's stock, and pursuant
to the investment, Methode will appoint two board members.
Methode's investment is intended to foster and strengthen
inter-company collaboration towards accelerating Eetrex's
penetration in its markets and is complementary to Methode's
existing Power Solutions business.
In addition, Methode and Eetrex have entered into ancillary
agreements in which Methode will become Eetrex's sales and
manufacturing arm. Additionally, Eetrex granted a non-exclusive,
worldwide license to Methode for fields including alternative
energy, defense and aviation/aerospace markets.
Methode's President and Chief Executive Officer Donald W. Duda
said, "We are excited about the opportunity to partner with Eetrex,
a high caliber organization committed to making a positive
environmental impact with their products. This investment
complements our business strategy of providing complete power
solutions, not just discreet components. The technologies being
developed by Eetrex, and marketed and manufactured by Methode, are
expected to be an important part of our business."
Eetrex's President and Chief Executive Officer Matthew Foster
added, "We are extremely pleased that Methode will be a strategic
investor and partner as we bring our electric and hybrid vehicle
technologies to the global marketplace. Methode's global sales
presence, manufacturing capabilities and automotive-quality
manufacturing standards are the perfect match for our technologies
for fully integrated electric and hybrid electric vehicle
systems."
About Methode Electronics, Inc. Methode
Electronics, Inc. (NYSE: MEI) is a global developer of custom
engineered and application specific products and solutions with
manufacturing, design and testing facilities in the United States,
Malta, Mexico, the United Kingdom, Germany, the Czech Republic,
China, Singapore, the Philippines and India. We design, manufacture
and market devices employing electrical, electronic, wireless,
radio remote control, sensing and optical technologies to control
and convey signals through sensors, interconnections and controls.
Our business is managed on a segment basis, with those segments
being Automotive, Interconnect, Power Products and Other. Our
components are in the primary end markets of the automobile,
computer, information processing and networking equipment, voice
and data communication systems, consumer electronics, appliances,
aerospace vehicles and industrial equipment industries. Further
information can be found on Methode's Web site www.methode.com.
About Eetrex Incorporated Eetrex
Incorporated is a development stage company specializing in highly
efficient power systems, traction battery systems, and power
electronics components serving the alternative transportation
industry, including battery electric vehicles, hybrid electric
vehicles, and plug-in hybrid electric vehicles. Eetrex was one of
the first companies to demonstrate the economical and environmental
efficiencies of plug-in hybrid electric vehicles. Eetrex is focused
on the development of innovative technologies that are critical to
the electrification of all vehicle types throughout the alternative
transportation industry.
For Methode Electronics Inc. - Investor Contacts: Philip
Kranz Dresner Corporate Services 312-780-7240 pkranz@dresnerco.com
Kristine Walczak Dresner Corporate Services 312-780-7205
kwalczak@dresnerco.com For Eetrex Incorporated: Susan Nedell
Vice President Business Development 303-444-0569 ext. 213
susan@eetrex.com
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