Detection Systems acquires French manufacturing and distribution company.FAIRPORT, N.Y.--(BUSINESS WIRE)--June 25, 1997--Detection Systems, Inc. ("DS") (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 National Market: DETC DETC Distance Education and Training Council DETC Design Engineering Technical Conferences (American Society of Mechanical Engineers) DETC Digital Electronic Trim Control DETC Dendritic Epidermal T-Lymphocyte ) today announced that it has completed the purchase of 99.5% of the outstanding stock of Seriee S.A. of Paris, France, for approximately $600,000 (US$) in DS common stock. Seriee is a leading manufacturer of electronic control and communication equipment with sales revenues of approximately $6.3 million (US$) per year. In addition, they have the largest security equipment distribution network in France, with ten established regional sales offices located throughout that country. Seriee has been a business partner of DS for several years and currently promotes the DS line of motion detectors in its distribution outlets. Seriee's products, as well as the DS motion detectors, are AFNOR (body, standard) AFNOR - Association Francaise pour la Normalisation. The French national standards institute, a member of ISO. approved, which is critical to the professional portion of the French market. This approval is similar to that offered by Underwriters Laboratories Underwriters Laboratories Inc. is a U.S. not-for-profit, privately owned and operated product safety testing and certification organization. Based in Northbrook, Illinois, UL develops standards and test procedures for products, materials, components, assemblies, tools and (UL) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . According to Karl H. Kostusiak, Detection Systems' 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. , "This acquisition gives us immediate access to the sales infrastructure in what we believe to be the fourth largest market in the electronic protection industry. Currently Seriee sells our security detectors. They will now be able to promote our controls, CCTV CCTV abbr. closed-circuit television CCTV closed-circuit television and fire products through this network which should significantly expand our sales opportunities. For example, the DS control panels which currently are widely accepted in the Belgium market can be immediately sold in France. Our control panels provide an excellent supplement to the Seriee product line." "Seriee has an excellent reputation in the industry. We plan to combine our current DS France sales operations with Seriee, which will be operated under the 'Seriee by Detection Systems' label. The DS sales manager who will oversee this operation was a former manager of Seriee. As has been the case with our prior acquisitions of Radionics radionics (rā·dē· (2/96) and Safecom (7/96), and as we anticipate will occur for DA Systems (5/97), the combination of operations is expected to result in many cost efficiencies." Detection Systems, Inc. designs, manufactures and markets electronic detection, control, and communication equipment for the electronic protection industry. The Company's product line includes a broad line of security, fire protection, access control and CCTV components and systems. These products are used worldwide by professional installation and service companies to protect life and property in commercial, industrial, institutional, governmental and residential environments. CONTACT: DETECTION SYSTEMS, INC. Frank J. Ryan, Vice President (716) 421-4225 EMail: FRyan@Detectionsys.com Website: www.detectionsys.com or DS' Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel: THE EQUITY GROUP INC. Linda Latman (212) 836-9609 Caroline Royall (212) 836-9611 |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion