Bolt Technology Announces Acquisition Negotiations
April 30 2007 - 10:31AM
Business Wire
Bolt Technology Corporation (AMEX:BTJ) today announced that it is
in negotiations to acquire the net assets of Real Time Systems
(�RTS�) for cash. RTS located in Fredricksburg, Texas, develops,
manufactures and sells synchronizers for seismic energy sources
(air guns). The parties previously entered into a non-binding
letter of intent. Completion of the acquisition is subject to the
negotiations and execution of a definitive asset purchase agreement
with terms acceptable to both parties, completion of due diligence
satisfactory to Bolt, and the approval of the transaction by the
board of directors of Bolt and the stockholder of RTS. RTS�s
unaudited results of operations for the twelve months ended
December 31, 2006, reflect revenues in excess of $4,000,000. The
Company anticipates a closing of the transaction prior to June 30,
2007, subject to satisfactory completion of the negotiations, due
diligence and closing conditions. The acquisition cost is expected
to be funded from the Company�s existing cash balances. Bolt
Technology Corporation is a leading worldwide developer and
manufacturer of seismic energy sources and underwater connectors
used in the offshore seismic exploration for oil and gas. Bolt also
designs, manufactures and sells precision miniature industrial
clutches, brakes and electric motors. Forward-looking statements in
this press release are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The words
�estimate,� �project,� �anticipate,� �expect,� �predict,�
�believe,� and similar expressions are intended to identify
forward-looking statements. Investors are cautioned that all
forward-looking statements involve risks and uncertainties,
including, without limitation, risks associated with decreased
demand for the Company�s products due to fluctuation in energy
industry activity, reliance on certain significant customers,
significant amount of foreign sales and other risks detailed in the
Company�s filings with the Securities and Exchange Commission.
Forward-looking statements involve a number of risks and
uncertainties which could cause actual results or events to differ
materially from those currently anticipated.
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