Allied Devices Corp. Acquires Atlantic Precision Products Inc.BALDWIN, N.Y.--(BUSINESS WIRE)--July 8, 1998--Allied Devices Corp. (NASDAQ-ALDV) acquired, effective July 1, 1998, the assets and business of Atlantic Precision Products Inc. (APPI APPI American Psychiatric Publishing, Inc. APPI American Psychiatric Publishing Inc. APPI American Psychiatric Press, Inc. APPI Atmospheric Pressure Photoionization APPI Advanced Peer-to-Peer Internetworking APPI Advanced Plant Pharmaceuticals Inc. ). The purchase price was $14.5 million, comprised of cash, stock and performance consideration. APPI is a state-of-the-art manufacturer of high precision, machined components for original equipment manufacturers with advanced engineering requirements. Based in Biddeford, Maine Biddeford is a city in York County, Maine, United States. It is the largest city in the county, and is the 6th largest in the State. It is the most southerly incorporated city in the State of Maine. The estimated population for 2004, as given by the U.S. Census Bureau, was 22,072. , the new subsidiary is expected virtually to double Allied's manufacturing capacity and is projected to have a substantial impact on the company earnings. Mark Hopkinson Mark Hopkinson (October 8, 1949 - January 22, 1992) was a convicted murderer who was executed by the U.S. state of Wyoming in 1992 for the murders of Vincent Vehar, Beverly Vehar, John Vehar, and Jeffrey Green. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allied Devices, commented, "This acquisition is an exciting leap forward in the implementation of our growth strategy. APPI is a world class operation and complements our core strengths beautifully. We see significant opportunities for cross-marketing and operational synergies. Allied's combined revenues should jump to more than $26 million when APPI's current sales, just under $10 million, are added to our existing volume. We are projecting substantial growth over the next three years as we introduce Allied's customers to APPI's exceptional and impressive capabilities. We fully expect a major positive impact on earnings and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ." Allied Devices is a leading manufacturer and distributor of high precision mechanical assemblies and components used in industrial and commercial equipment. These products, manufactured to exacting tolerances, provide precision motion control in such products as factory automation, robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , aerospace and scientific instrumentation, semiconductor equipment, and medical diagnostic and operating room operating room n. Abbr. OR A room equipped for performing surgical operations. equipment. All statements contained herein that are not historical facts, including but not limited to statements regarding the company's current business strategy and the company's plans for future development and operations, are based upon current expectations. For factors which could affect the realization of those expectations, see the company's current quarterly report on Form 10-QSB.
CONTACT: Allied Devices Corp., Baldwin
Paul Cervino, 516/223-9100
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