TORONTO, Oct. 18 /PRNewswire-FirstCall/ - Exco Technologies
Limited (TSX-XTC) today announced that its Castool division,
which designs and manufactures tooling systems for die cast
machines and extrusion presses, has entered into a definitive
agreement to purchase all of the shares of Allper AG. Allper
is a Swiss corporation which designs and markets proprietary
consumable die cast tooling. Castool, as a licensee of
Allper's technology in North America since 1993, is very familiar
with Allper's technology and its operation. Allper's
proprietary ring and plunger tip technology which has been
developed and refined over the last 20 years is broadly accepted by
the die cast industry and is an integral part of Castool's die cast
tooling system. Paul Robbins, General Manager of Castool says
"this acquisition will allow Castool to own the technology
currently licensed from Allper in North America and, with Allper's
network of sales agents and distributors in Europe and Asia,
Castool will be able to expand its marketing reach to those
markets." Andre Muller, founder and owner of Allper, who will
continue on in the employ of Allper after the sale, says "I am
proud of our association and close collaboration with Castool over
the past 17 years and look forward to continuing the development of
new technologies which will advance the competitiveness of the
global die cast industry." Definitive agreements have been
signed and the transaction will have effect and be finally priced
on October 31, 2010. The purchase price is not expected to
exceed $2,000,000.00 which will be paid in cash and will be based
on the value of underlying net assets acquired on October 31,
2010. The acquisition is expected to be immediately accretive
to Exco's earnings.
Exco Technologies Limited is a global
supplier of innovative technologies servicing the die-cast,
extrusion and automotive industries. Through our 10 strategic
locations, we employ 1,580 people and service a diverse and broad
customer base.
This Press Release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws with respect to: 1) business unit sales and
earnings and 2) improvement in economic conditions. We use words
such as "anticipate", "plan", "may", "will", "should", "expect",
"believe", "estimate", "approximately", "confident", "modestly" and
similar expressions to identify forward-looking information and
statements. Such forward-looking information and statements
are based on assumptions and analyses made by management in light
of our field experiences and our interpretation of recent and
current automotive and industrial sales trends which are expected
to continue into the near future, as well as economic conditions
and other factors we believe to be relevant. Readers are cautioned
not to place undue reliance on forward-looking information and
statements, as there can be no assurance that the assumptions,
plans, intentions or expectations upon which such statements are
based will occur. Forward-looking information and statements
are subject to known and unknown risks, uncertainties, assumptions
and other factors which may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed, implied or anticipated by
such information and statements. These risks, uncertainties
and assumptions are described in the Company's Management's
Discussion and Analysis included in our 2009 Annual Report, in our
2009 Annual Information Form and, from time to time, in other
reports and filings made by the Company with securities regulatory
authorities.
While the Company believes that the
expectations expressed by such forward-looking information and
statements are reasonable, there can be no assurance that such
expectations and assumptions will prove to be correct. In
evaluating forward-looking information and statements, readers
should carefully consider the various factors which could cause
actual results or events to differ materially from those indicated
in the forward-looking information and statements. Readers are
cautioned that the foregoing list of important factors is not
exhaustive. Furthermore, the Company disclaims any
obligations to update publicly or otherwise revise any such factors
or any of the forward-looking information or statements contained
herein to reflect subsequent information, events or developments,
changes in risk factors or otherwise unless such factor is in and
of itself material.
SOURCE Exco Technologies Limited
Copyright . 18 PR Newswire