API Technologies Announces the Acquisition of the Kuchera Group of Companies
Acquisition will Double the Size of Company with Combined Revenues in Excess of $120 Million
NEW YORK,
Under the terms of the transaction, API acquired substantially all of the assets of KGC for
Kuchera Highlights -- Founded in 1985, KGC is a leading supplier of sophisticated engineering services to the defense and communications industries. -- KGC generated approximately $65 million in revenues for the twelve month period ended June 30, 2009 and has a current backlog of over $65 million. -- Products include printed circuit boards, robotic systems, unmanned aircraft, electro-mechanical assemblies and final systems integration. -- Fortune 100 client base including Raytheon, Northrop Grumman and Boeing. -- Over 100,000 square foot facility in Johnstown, Pennsylvania with approximately 300 employees, including 50 design and development engineers. -- Experienced and long standing management team who will continue in their leadership roles, including Carl Sax, Executive Vice President and General Manager.
"The acquisition of the assets of the Kuchera Group of Companies is a transformational step forward for our Company in becoming a true leader in the defense subcontracting industry," stated Stephen B. Pudles, Chief Executive Officer of API Technologies Corp. "Together with our existing business, the new combined entity will be better positioned to serve our global clients, including General Dynamics, Raytheon, Northrop Grumman and governments around the world. This acquisition also includes a very experienced and diverse management team that we welcome to the API family."
Phillip DeZwirek, API's Chairman, stated, "This transaction is another exciting and important step in API's growth to being one of the leading defense subcontractors in the world. It is immediately accretive and further enhances our financial strength and overall position."
About API Technologies Corp.
The Company is engaged as a prime system contractor in secure communications and a leading provider of electronic components and subsystems. API Technologies' customers include the U.S. Department of Defense (DoD) and its prime contractors, U.S. Government intelligence agencies, the U.S. Department of Homeland Security (DHS), U.S. Department of State (DoS) and U.S. Department of Justice (DoJ), including various government and prime contractors of
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, which are more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits, our ability to protect our intellectual property, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the effect of growth on our infrastructure and the effect of competition in the secure communications, electronic components, nano-optics and nanotechnology industries. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
For further information: Jonathan Pollack, Executive Vice President, API Technologies Corp., 1-877-API-0-API, [email protected] Web Site: http://www.apitech.com
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