Ceradyne, Inc. Acquires Assets of Quest Technology, LP.Business Editors COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--May 17, 2004 Ceradyne, Inc. (Nasdaq:CRDN CRDN Certified Restoration Drycleaning Network )(Company) announced today that it has purchased the assets and business of Quest Technology, LP of San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . Quest Technology, LP is a privately held firm focusing exclusively on the injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. of technical ceramics. The company is headed by its founder and president, Stan Zalkind, who will remain in his position as the senior executive at Quest. Joel Moskowitz, Ceradyne chief executive officer, commented: "One of the chief markets Quest and now Ceradyne will be focused on will be complicated shaped components for medical applications, both as implants as well as in medical instruments such as endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en tips. Quest's technical ceramic injection molding technology will allow Ceradyne to produce precision, complicated, high volume, small, technical ceramic parts without the costly requirements of secondary machining operations." Moskowitz added: "We believe that the Quest proprietary injection molding forming technology adds a totally new dimension to Ceradyne's advanced technical ceramic capabilities. We are very excited about this acquisition and plan to keep Mr. Zalkind and his experienced staff in place in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . What we bring to the acquisition will be marketing presence, new ceramic materials and the financial strength to grow this already profitable company. Based on past performance and future projections, we expect the acquisition of Quest to be accretive." The purchase price was approximately $2.5 million, consisting of 71,397 newly issued shares of Ceradyne common stock, cash payments totaling approximately $300,000 and the assumption of certain liabilities. Quest's revenues for 2003 were approximately $1.5 million. Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information about the Company can be found at www.ceradyne.com. Except for the historical information contained herein, certain matters discussed in this news release constitute 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 that could cause actual results to differ materially from those projected. The Company may use words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2003, as filed with the Securities and Exchange Commission. |
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