Quantex Signs MOU with Samlex Europe.
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QCPC Queue and Channel-Based Power Control ) President 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. L. Evan Baergen announced today that management has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ") to purchase 51% of the issued shares of Samlex Europe, B.V. The MOU is non-binding and is subject to 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. "We are thrilled to announce this major development," said Baergen. "We have seen very positive results from our purchase of Samlex America last year and the stellar year that they have had, so when the opportunity to purchase a stake in Samlex Europe was presented to us there was no hesitation."
Samlex Europe has been a distributor of power conversion units and related products since 1990. There is no common ownership with Samlex America. Both companies derived their name from one of their product suppliers, Samlex Electric, based in Hong Kong. Samlex Europe was formed by Jacob van Veen, who still continues to play an important role in the day-to-day operations of the business. The company is now run and owned by Mr. van Veen's son, Marcel.
"One of the important factors that encouraged us to sign the MOU was the current ownership and management of Samlex Europe. The van Veens are not only knowledgeable and professional, but their eagerness to work together with Samlex America to capitalize on some very synergistic opportunities was what really made this deal work. With Samlex Europe's good history of profitable, strong management and bright future, it was an easy deal to get done."
Quantex and Samlex Europe will work together over the next few months to sign a binding legal agreement.
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