Network Technology - Acquisition
July 25 1997 - 3:30AM
UK Regulatory
RNS No 8781n
NETWORK TECHNOLOGY PLC
25th July 1997
Network Technology to acquire Nextus Inc for $625,000
Network Technology, the network connectivity specialist, has signed non-
binding heads of agreement to acquire the entire share capital of unquoted US
manufacturer Nextus Inc, which is based in Georgetown, Texas, for a
consideration of $250,000 in NT shares and $375,000 in cash.
Nextus, which has some 20 employees and annual sales of around $2 million, is
led by Chief Executive Dave Sanders following a management buy-out from its
previous owners in December 1996. Nextus manufactures plotters and
controllers for JRL Systems Inc which Network Technology bought for $4.8
million in cash and shares in December 1996. Nextus had stated net assets of
approximately $190,000 in its unaudited accounts.
Commenting on the acquisition Klaus Bollmann, Chief Executive of Network
Technology said: "The largest market for JRL's ISDN routers is the USA and
this acquisition will provide us not only with Nextus' shipping and logistics
skills but also with a very cost effective manufacturing resource for other
Network Technology products in the US market. This deal will significantly
strengthen our position and prospects in one of our major potential
marketplaces".
Copies of this announcement will be available for the next 14 days from the
offices of Singer & Friedlander Limited, 21 New Street, Bishopsgate, London
EC2M 4HR.
Enquiries to:
Klaus Bollmann Network Technology Tel:01444 870408
Brendan Russell Singer & Friedlander Tel 0171 623 3000
Charles Dampney Burrough Johnstone Tel:01273 486 244
Leo Cavendish Bankside Tel:0171 220 7477
Consultants
END
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