Bel Acquires E-Power Corp.; Second Acquisition For Bel's Power Products Division.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--May 15, 2001 Bel Fuse Inc. (Nasdaq:BELFA) (Nasdaq:BELFB) today announced that it has acquired E-Power Co. Ltd., a Hangzhou, China-based privately held research and development company focused on the development of power conversion technology for high volume commercial applications. E-Power is a current licensor to several of the power conversion industry's leading companies. Terms of the acquisition were not disclosed. Last week, Bel announced the acquisition of Current Concepts, which is also a developer of power conversion technology. Dr. Gary Hua, who formed E-Power early in 1999, was co-founder and formerly vice president of Engineering for VPT VPT VEN (Variable Exhaust Nozzle) Position Transmitter VPT Virtual Phones Technology (Sony) VPT Virtual Procedure Trainer (Aeroism trademark) VPT Variational Perturbation Theory , a Virginia-based company that concentrated on power conversion technology for military and aerospace applications. Dr. Hua received his PhD from Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Tech and holds numerous patents for power conversion technology. E-Power is located about 90 miles outside of Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. and currently has 50 employees, including 24 engineers. "The E-Power acquisition will significantly speed the development and introduction of cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. low power DC/DC converters for the high volume applications typically used by Bel's established customer base in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , networking and computing computing - computer markets," said Daniel Bernstein, president of Bel. This is Bel's first China-based design center and we look forward to their assistance in developing these new products and providing on-going engineering and cost control support for our new team in Massachusetts. "We anticipate initial shipments of low-cost converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. products in the coming months and expect that the acquisition of E-Power will be accretive to earnings within a year," he said. Bernstein also noted that Bel continues to actively review potential acquisitions and is quite pleased with its new relationship with Needham & Co. "This acquisition is the latest step in our efforts to aggressively expand Bel's product offering in the power conversion market," said Marshall Miles, Strategic Marketing Director for Bel. "Bel has the manufacturing resources and the packaging technologies to be a major competitor in the DC/DC market. These recent acquisitions give us the product technology and design resources we were missing," he said. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jeff Shepard, president of the Darnell Group, a leading power supply industry analyst, the annual worldwide market for DC/DC converter modules is $5.8 billion. "The Point-of-Load segment that Bel is pursuing with these acquisitions is the fastest growing segment of the DC/DC market," he said. "This is also an area in which their packaging capabilities should serve them well as they compete for market share." About Bel Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics, connectors, fuses, power conversion modules, delay lines and thick film hybrids. The company operates facilities around the world. Except for historical information contained in this news release, the matters discussed (including statements regarding growth opportunities, the expected impact of the E-Power transaction on earnings, potential acquisitions, initial ship dates and plans for Bel Power Products) are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the effect of business and economic conditions; capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; the market's acceptance of the company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the company's SEC reports. |
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