Virtek Vision Acquires Remaining 25% interest of FOBA



    
    -  Acquisition is consistent with Virtek's focus on Marking & Engraving
       business
    

    WATERLOO, ON, June 12 /CNW/ - Virtek Vision International Inc. (TSX:
VRK), a leading developer and provider of high-value industrial laser
solutions, today announced that it now owns 100 percent of its German
subsidiary, FOBA Technology & Services GmbH, following the purchase of the
remaining 25 percent interest in the Marking & Engraving products and systems
company.
    Virtek paid 875 thousand Euro ($1.3 million Canadian) for the remaining
shares. Virtek originally purchased 75 percent of FOBA in March 2003, paying
4.3 million Euro ($6.8 million Canadian) at the time.
    "The acquisition of the remaining shares in FOBA is consistent with our
strategy to focus on the Marking & Engraving segment of our business as the
area that offers us the best opportunities for sustainable sales growth and
profitability," said Bob Sandness, President and Chief Executive Officer.
    "Our recently completed equity offering provided us with the financial
flexibility to purchase the remaining shares in FOBA as well as to pursue
other potential selective acquisitions of products, technologies, and/or
business that fit our strategies," he continued.
    "Since our initial investment in FOBA four years ago, we have been able
to broaden its product line and customer base, and have begun to penetrate new
markets both geographically and in terms of sectors. We are now selling FOBA's
products around the world, including increasing sales in North America and
most recently in Asia."

    Forward-looking Statements

    This news release may contain information and statements of a
forward-looking nature concerning the future performance of the company. Any
such forward-looking statements are based on current suppositions and
expectations that are subject to significant risks and uncertainties. These
include, but are not limited to, the effects of general economic conditions on
the customers and markets that we serve, the impact of price pressures exerted
by competitors, changes that may take place in our costs and expenditures, the
results of our research and development programs, and other factors discussed
in our Management Discussion and Analysis and other regulatory filings. We
assume no obligation to update the forward-looking statements or to update the
reasons why actual results could differ from those reflected in the
forward-looking statements.

    About Virtek

    Virtek Vision International Inc. is a leading developer and provider of
high-value industrial laser solutions focused on the needs of the global
manufacturing sector providing templating, inspection, marking and engraving
products and systems integration solutions. Virtek serves customers in the
prefabricated construction, transportation, metalworking, tool and die, and
mold making industries worldwide. Virtek is a full-service provider with
services including research and development, manufacturing, integration,
training, after-sales support, and installation. The company provides high
value for its customers, feature-rich systems with a quick pay-back,
productivity enhancements, and total turnkey solutions. Based in Waterloo,
Ontario, Canada, Virtek also has offices in Boston, Massachusetts, USA;
Ludenscheid and Nurnberg, Germany; and Busto Arsizio, Italy. Please visit
www.virtek.ca for more information.

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For further information:

For further information: Peter Monsberger, Vice-President, Finance and
CFO, (519) 746-7190, (519) 746-3383 (FAX), Email: peter.monsberger@virtek.ca;
or Bob Sandness, President and Chief Executive Officer, (519) 746-7190, (519)
746-3383 (FAX), Email: bob.sandness@virtek.ca; or Investor and Media
Relations: Richard Wertheim, Managing Partner, Wertheim + Company Inc., (416)
594-1600 (Bus.), (416) 518-8479 (Cell), Email: wertheim@wertheim.ca

Organization Profile

VIRTEK VISION INTERNATIONAL INC.

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