Bel Completes Acquisition of Galaxy Power.JERSEY CITY, N.J. -- Bel Fuse Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BELFA)(NASDAQ:BELFB) announced today that it closed the previously announced acquisition of Galaxy Power Inc., a privately-held, Westborough, Mass.-based designer and manufacturer of high-density dc-dc converters for distributed power and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. applications. "This acquisition will complement our strong product line of non-isolated converters with Galaxy's line of high-density isolated converters, creating a combined product portfolio which will help make Bel a formidable competitor in the dc-dc power 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. market," said Daniel Bernstein, president of Bel Fuse. On March 4, 2005, Bel announced a definitive agreement to acquire Galaxy Power for approximately $18 million in cash and the assumption of approximately $2 million in liabilities. Unaudited net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for Galaxy Power during the year ended December 31, 2004, were approximately $18.6 million and its unaudited net income for 2004 was approximately $0.8 million. This acquisition has now closed and is expected to be immediately accretive to Bel shareholders. Stephens Inc. (www.stephens.com), an investment banking firm based in Little Rock, Ark., acted as financial advisor to Bel on this transaction. 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 (discrete components An elementary electronic device constructed as a single unit. Before integrated circuits (chips), all transistors, resistors and diodes were discrete. They are widely used in amplifiers and other devices that use large amounts of current. , power transformers and MagJack(R)s), modules (dc-dc converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world. Except for historical information contained in this news release, the matters discussed 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. that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; 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 new products; and the risk factors detailed from time to time in the Company's SEC reports. |
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