Circa Announces Acquisition of Teletics
CALGARY, AB, Aug. 10, 2020 /CNW/ - Circa Enterprises Inc. (TSVX: CTO) ("Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, announced today that it has entered into a definitive agreement to acquire substantially all of the assets of Teletics, Inc. ("Teletics"), a manufacturer and supplier of fully monitored, ruggedized wireless voice devices. The agreement was signed August 7, 2020 and the transaction is expected to be completed on or about August 14, 2020. Upon completion of the acquisition, the business will operate as a separate product line within the Telecom segment of Circa Enterprises Inc.
"The acquisition of Teletics expands Circa's Telecom product offering with wireless communications systems engineered for extreme operating conditions. Teletics' line of rugged wireless equipment complements our existing product line and expands our engineering capabilities," said Cory Tamagi, President and CEO of Circa. Mr. Epp, Executive Vice President added, "The Teletics cloud-based software platform is expected to be integrated with the Guardian product line to add wireless connectivity of its devices and provide remote monitoring with alarm and event notification capabilities to enable Circa to expand into the IoT space."
The cash transaction of approximately $322,000 remains subject to standard closing conditions. Funding for the transaction will be financed from cash on hand and the Company's operating line. The business and operations are expected to be integrated with Circa's facilities in Calgary, Alberta in the third quarter of 2020.
About Circa Enterprises
Circa Enterprises Inc. is a public company headquartered in Calgary, Alberta with operations in Alberta and Ontario. Circa designs, manufactures and supplies telecommunications equipment, cable and connectivity products, metal enclosures, electrical equipment, and other goods to customers in the telecommunications, electrical, and construction industries. The outstanding common shares of Circa are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Teletics
Teletics Inc. has been operating since 2003 and is based in Calgary, Alberta. Teletics designs, manufactures and supplies fully monitored wireless Analog, VoIP and WiFi devices designed to withstand harsh environments and climates. Teletics' products have been deployed, by both private and public sector customers, in some of the harshest environments anywhere, including oil drilling rigs, utility substation metering locations, chemical plants and industrial sites.
Forward Looking Statements
Certain information in this News Release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology and specifically includes reference to the completion and timing of the referenced acquisition, the impact of such acquisition on Circa and the timing for the integration of the business of Teletics. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions (such as those relating to the performance of the Teletics business and management's ability to integrate such business) that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this News Release. Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
SOURCE Circa Enterprises Inc.
Mr. Cory Tamagi, President and CEO, Circa Enterprises Inc., (403) 258-2011; Mr. Darren Epp, Executive Vice President, Circa Enterprises Inc., (403) 258-2011, E-Mail: [email protected], Website: www.circaent.com
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