Bolt Technology Completes Acquisition of Real Time Systems
July 11 2007 - 11:19AM
Business Wire
Bolt Technology Corporation (AMEX:BTJ) today announced the closing,
effective July 1, 2007, of the acquisition of substantially all of
the assets of Real Time Systems (RTS). The initial purchase price
consists of $3,500,000 (paid at closing) plus the net book value of
the acquired assets as of July 1, 2007 (estimated to be
approximately $1,000,000 and payable upon finalization of the July
1, 2007 balance sheet). In addition, if the acquired business
achieves certain sales levels in the two years from July 1, 2007,
further payments will be due. Bolt�s existing cash balances will
fund the purchase price. RTS, located in Fredericksburg, Texas,
develops, manufactures and sells controllers and synchronizers for
seismic energy sources (Air Guns). Their products are designed to
control and synchronize up to 96 air guns in a single seismic
exploration vessel. For the year ended December 31, 2006, RTS
recorded revenues in excess of $4,400,000 and earnings before taxes
and owners compensation in excess of $2,400,000. Raymond M. Soto,
Bolt�s chairman, president and CEO, commented, �We believe the
acquisition of RTS which provides products designed to control and
synchronize the principal product of our Company (seismic air guns)
is a natural fit for us. RTS�s products reflect the same high
quality, reliability and industry acceptance as our seismic air
guns, connectors and cables. We expect this acquisition to be
immediately accretive to our fiscal year 2008 earnings.� 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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