CTI Technology, Inc. Agrees to Purchase Maquila Americana, S.A. de C.V. of Rosarito, Mexico.Business/Technology Editors SPRINGFIELD, Mass.--(BUSINESS WIRE)--Aug. 3, 2000 CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. Technology Inc. (NASDAQ-OTC: CTHI CTHI Churches Together in Hampshire and Isle of Wight (UK) ) a provider of electronic manufacturing services (EMS) announces that it has signed a Letter of Intent with American Development Company, Inc. ("ADCO ADCO Abu Dhabi Company for Onshore Oil Operations ADCO Alcohol and Drug Control Officer ADCO Air Defense Control Center ADCO Alcohol & Drug Control Office ADCO Air Defense Communications Office ADCO Air Defense Coordination Organization ") to acquire the manufacturing assets of Maquila ma·qui·la n. A maquiladora. Americana, S.A. de C.V., of Rosarito, Mexico. ADCO has over ten (10) years experience managing manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Mexico, including Maquila Americana, S.A. de C.V., and is licensed by the Mexican Government to operate under the "maquiladora ma·qui·la·do·ra n. An assembly plant in Mexico, especially one along the border between the United States and Mexico, to which foreign materials and parts are shipped and from which the finished product is returned to the original market. " program and bonded by both the Mexican and United States customs agencies to fully utilize the advantages of NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's . Maquila Americana, S.A de C.V. currently provides high volume manufacturing services for a number of multi-national companies and is projected to grow significantly from its current one-year-old 30,000 square foot facility. The facility presently includes advanced manufacturing and test equipment, including four (4) automated surface mount (SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management ) assembly lines. The plant site itself has significant expansion potential and the 120-person workforce is experienced and well trained in the latest manufacturing techniques and quality procedures. The acquisition by CTI Technology, Inc. will enable ADCO's customers access to a broader range of services include design, specialized assembly operations, engineering and material procurement support. ADCO executives Gary Warford, Larry McFall and Weldon Boyd will join CTI in senior management positions, and will retain responsibility for operating the Mexico facility and developing other offshore capabilities including material sourcing and procurement. This acquisition, projected to close before August 31, 2000, is subject to substantial cash payment and will require additional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . In conjunction with this Letter of Intent, CTI plans to manufacture at this site a medical product under a contract that is expected to be finalized within the next 45 days. "With the addition of this important operation, we have greatly expanded our capability as a national and international provider of manufacturing services to a growing list of customers in our targeted markets of electronics, computer, medical, and telecommunications industries. This relationship will dramatically broaden our manufacturing base and add significant depth to our management team," said 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. George C. Davies. About CTI Technology, Inc. Based in Springfield, MA., CTI provides custom electronic manufacturing services to original equipment manufacturers in the electronics, computer, medical, and telecommunications industries. These services include design assistance and prototype production at the product development stage and a wide variety of assembly, integration, packaging, and test services at different levels of volume production. These services benefit customers by reducing time to market for new and existing products, and by reducing overall sourcing and manufacturing costs at various stages of product growth. CTI has previously acquired Northeast Technical Services, Inc., of Springfield, MA Clairemont Electronics, Inc. of Yanceyville, NC, and Contract Technologies, Inc. of Pompano Beach, FL. About ADCO, Inc. American Development Company, Inc. (ADCO) is a leader in Baja California for Electronic Manufacturing Services. ADCO offers innovative, high-tech, manufacturing, assembly and distribution solutions for the electronics, networking, computer peripheral, data communications, wireless and consumer industries through Maquila Americana. For more information contact Larry McFall at (408) 779-7515, or e-mail at larry@adcoems.com. Their corporate website can be found at www.adcoems.com Some of the information-contained herein may constitute forward-looking statements within the meaning of 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors over which the company has little or no control. Such factors include general economic and business conditions and commercial acceptance of the company's products and services. |
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