BW Technologies completes acquisition.CALGARY, Alberta--(BUSINESS WIRE)--May 16, 1997-- BW Technologies (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BWT BWT Burrows Wheeler Transform (compression technology) BWT Boundary Waters Treaty (United States and Canada) BWT Basic Warrior Training BWT Bronchial Wall Thickness BWT Big White Truck .) BW Technologies Ltd. today announced that all requirements concerning the acquisition of all issued and outstanding shares of Engineering for Science and Industry Limited and Electronics for Science and Industry Limited (collectively ESI (Edge Side Includes) A markup language for Web pages that enables elements of a Web page to be dynamically assembled in servers distributed throughout the Internet. ) have been completed, subject to satisfactory review of the closing documentation by the Alberta Stock Exchange. ESI, which is based in Oxford, United Kingdom, is an accomplished, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified See certification. designer and manufacturer of integrated fire and shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down control panels. Its products are complementary to BWT's extensive line of gas detection equipment. ESI's business has improved dramatically since BWT assumed control in early February as the company has booked over $1,250,000 of orders during the last three months. By way of comparison, ESI's revenues for the ten months ended January 31, 1997 were $465,000 and a net loss of $4,000 was incurred. The corresponding figures for the year ended March 31, 1996 were revenues of $480,000 and a loss of $209,000. Net tangible and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. acquired by BWT amounted to approximately $230,000. Consideration paid by BWT consisted of $53,000 of cash together with 25,158 BWT common shares. In addition, BWT paid $93,000 of ESI debts and incurred approximately $35,000 of acquisition costs. Two officers and former shareholders have entered into service agreements with ESI. The agreements provide that each will continue in his pre-acquisition role as, respectively, Managing Director and Technical Director. Up to 21,923 shares are issuable to each of these employees in the event ESI's earnings during the period exceed certain levels, so long as the proposed recipient remains an employee of the company until the end of the service contract period. No new BWT officers or directors are contemplated as a result of this transaction. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: BW Technologies Ltd. Cody Slater, 403/ 248-9226 |
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