Channell Agrees to Acquire Bushman Tanks.TEMECULA, Calif. -- Channell Commercial Corporation (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 :CHNL CHNL Channel ) today announced it has entered into an agreement to acquire Bushman Tanks for AUS AUS abbr. Army of the United States $23 million plus payments contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent Bushman's performance through 2006. Bushman Tanks is Australia's largest manufacturer of rotational molded plastic rainwater storage tanks with approximately 135 employees and four manufacturing locations. Bushman had unaudited sales of approximately AUS$41 million for the fiscal year ending June 30, 2004. Bushman Tanks' Web site is www.bushmantanks.com. The transaction is expected to be accretive in the four quarter period following closing. The closing of the transaction is subject to completion of commercial due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and financing. The transaction is expected to close in the third quarter. About Channell Channell Commercial Corporation is a global designer and manufacturer of telecommunications equipment primarily supplied to telephone and broadband network operators worldwide. Major product lines include a complete line of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. and metal fabricated enclosures, advanced copper termination and connectorization products, and fiber-optic cable management systems. Channell's headquarters and U.S. manufacturing facilities are in Temecula. International operations include facilities in Toronto (Canada), London (U.K.), and Sydney (Australia). Channell's Web site is www.channellcomm.com. Forward-Looking Statements Forward-looking statements contained within this press release are subject to many uncertainties in the Company's operations and business environments. Examples of such uncertainties include customer demand, material costs, integration of acquired businesses and worldwide economic conditions among others. Such uncertainties are discussed further in the Company's annual report/10K and S-1 filed with the Securities and Exchange Commission. |
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