Wescam Acquires Remaining 49 Percent of Wescam-USA.
This purchase is pursuant to an agreement dated March 23, 1995, between Wescam and the vendors, as described in Wescam's initial public offering prospectus of October 12, 1995. In accordance with this agreement, Wescam today made a cash payment to the minority shareholders as partial settlement of the purchase price. The remainder owing will be calculated with reference to fiscal 1995 and 1996 earnings and payment will be in the form of Wescam common shares, to be issued within the next twelve months.
Wescam-USA was formed by the merger of Wescam's U.S. entertainment services operations with Creative Resources and Marketing Group, Inc.("CRM") in fiscal 1995, with the former shareholders of CRM, Messrs. O'Rourke and Silva, owning 49 percent and Wescam owning 51 percent. The merger combined the entrepreneurial skills and contacts in the entertainment industry of Messrs. O'Rourke and Silva with the financial and highly technical resources of Wescam.
Rarely is a motion picture or major sporting event brought to the screen without WESCAM(R) technology, with most recent contributions being towards the production of "Goldeneye", "Seven", and "American President", plus recent sports coverage of the America's Cup and the New York City Marathon. With 100 percent ownership of Wescam-USA, Wescam strengthens its position in the entertainment services business, thus confirming its continuing commitment to being the leader in this industry.
Wescam is the world leader in the design and manufacture of stabilized aerial camera, image capture and microwave systems, used in numerous applications, including: public safety and surveillance, search and rescue, feature films and television broadcast of news and major sporting events around the globe. Wescam is traded on the Toronto Stock Exchange under the symbol "WSC".
CONTACT: Mark Chamberlain, 905/689-2231
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|Date:||Jan 3, 1996|
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