Digital Angel Corporation Completes Acquisition of McMurdo Marine Electronics
09 4월 2007 - 9:30PM
Business Wire
Digital Angel Corporation (Amex:DOC), an advanced technology
company in the field of rapid and accurate identification, location
tracking and condition monitoring of high-value assets, announced
today that it has completed its acquisition of certain assets and
customer contracts of McMurdo Ltd., the U.K.�s premier manufacturer
of emergency location beacons, from Chemring Group PLC. Digital
Angel purchased McMurdo for approximately $5.7 million in cash
(USD) and will have additional deferred payments ranging from $0-$3
million (USD), dependent upon performance of the business following
the sale. Digital Angel President and Chief Executive Officer Kevin
McGrath said, �Simply put, we believe our strategic acquisition of
McMurdo is the perfect complement to our SARBE business. Its
network of approximately 60 outlets will significantly broaden our
emergency location beacon product offering to serve the military
and commercial maritime sectors and provide stability to our
revenue base. As we stated previously, we expect the McMurdo
acquisition to add at least $8-9 million of additional revenue for
the remainder of 2007. More importantly, we believe McMurdo�s
steady stream of business will generate more predictable profits in
the SARBE business on a go-forward basis.� �For several years we
have explored ways to turn the SARBE business into a world leader
in the broad customer base of multipurpose search and rescue
beacons rather than just a leader in the important, but cyclical,
military market. The acquisition of McMurdo creates a business unit
which serves both the commercial and military markets. In addition
to revenue growth, we have a plan in place to improve margins at
McMurdo in the near term. Currently, McMurdo buys the circuit
boards, antennas, and batteries used in their location beacons.
However, by utilizing our established manufacturing capabilities at
our Signature Industries operations in the U.K., we will
manufacture those components, and expect to have a more profitable
product,� continued McGrath. For nearly seven decades, McMurdo has
distinguished itself as a leader in the development and
manufacturing of safety equipment technology. Its products,
including the original EPIRB (Emergency Position Indicating Radio
Beacon) and the first GMDSS (Global Maritime Distress and Safety
System) approved Search And Rescue Transponder, have become
standard, lifesaving, equipment on many recreational, commercial
and military marine vehicles. In 2000, McMurdo demonstrated the
versatility of its technology successfully launching its first PLB
(Personal Locator Beacon) for use on land, sea or air. The company
continues to lead the way in the functionality and accuracy of
emergency location beacons. Emergency Locator Beacons represent a
core competency and key growth market for Digital Angel and its
subsidiary Signature Industries. Impending changes to the
COSPAS-SARSAT satellite monitoring system mean much of the
equipment currently in service will require replacement by February
2009. McMurdo and SARBE, with its improved range of radios such as
the SARBE G2R and the SARBE 6-406, are uniquely positioned to
exploit these opportunities in their respective markets. The SARBE
Division of Signature Industries manufactures a complete line of
military search and rescue beacons and has worked closely with the
Royal Air Force, a branch of the UK Ministry of Defense, for more
than 50 years. The acquisition of McMurdo�s technology and its
manufacturing infrastructure should significantly strengthen
Digital Angel�s position in the Locator Beacon Industry. About
Digital Angel Corporation Digital Angel Corporation
(www.DigitalAngelCorp.com) develops and deploys sensor and
communications technologies that enable rapid and accurate
identification, location tracking, and condition monitoring of
high-value assets. Applications for the Company�s products include
identification and monitoring of humans, pets, fish, poultry and
livestock through its patented implantable microchips; location
tracking and message monitoring of vehicles and aircraft in remote
locations through systems that integrate GPS and geosynchronous
satellite communications; and monitoring of asset conditions such
as temperature and movement, through advanced miniature sensors.
Digital Angel Corporation is majority-owned by Applied Digital Inc.
(Nasdaq:ADSX), which also owns a majority position in VeriChip
Corporation (NASDAQ:CHIP). This press release includes
forward-looking statements, including statements regarding the
future opportunities presented by the McMurdo acquisition, the
amount of additional top line revenue that McMurdo will add to the
Company, our ability to improve margins at McMurdo and the
opportunities that are expected to arise due to changes in
satellite communication technology. The Company wishes to caution
readers that certain important factors and various risks may have
affected and could in the future affect the Company�s actual
results and could cause the Company�s actual results for subsequent
periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company. With
respect to the Company's expectations expressed in this press
release, such risk factors include, but are not limited to, the
Company�s ability to successfully integrate the McMurdo
acquisition, to retain McMurdo's current clients and its ability to
reduce the costs of McMurdo's products. This information is also
qualified in its entirety by cautionary statements and risk factor
disclosures contained in the Company�s Securities and Exchange
Commission filings, including the Company�s annual report on Form
10-K for the fiscal year ended December 31, 2006 and its quarterly
reports. The Company can offer no assurances that any projections,
assumptions or forecasts made or discussed in this release will be
met, and investors should understand the risks of investing solely
due to such projections. The Company undertakes no obligation to
revise any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this press release.
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