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June 5, 2014
10:12 EDTMICTMicronet Enertec announces closing of Beijer Electronics unit acquisition
Micronet Enertec Technologies announced that its subsidiary Micronet completed the previously announced acquisition of certain assets and liabilities of the MRM/FM business division of U.S. based Beijer Electronics, a fully owned subsidiary of Beijer Electronics. Micronet purchased all related intellectual property, product rights, production files, customer base, sales and marketing network, sales leads and initiatives, technical support operation, inventory, and all related agreements. As part of the acquisition, key MRM/FM division employees joined Micronet ensuring an efficient continuous operation and contributing for the future growth of the company. Pursuant to the terms of the Asset Purchase Agreement, Micronet paid Beijer, at the closing of the transaction, $6.5M of which the amount of $4.85M was financed through a bank loan. The balance of the purchase price was funded by Micronet through its own independent resources. In addition, in accordance with the terms of the Asset Purchase Agreement, Seller provided Micronet with an estimated inventory value report pursuant to which the value of inventory which is subject to post closing adjustment is set at $800K.
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November 18, 2015
07:55 EDTMICTMicronet Enertec CEO sees Q4 revenue up 60% over Q3
Micronet Enertec CEO David Lucatz stated, "MRM backlog grew considerably throughout the third quarter as customers embraced our new product line, and we anticipate 60% plus revenue growth over Q3 and improved gross margin performance in Q4 as orders are shipped. Furthermore, we have reduced our expenses throughout the year." "Hence, we expect improved financial results in Q4 as we realize sequential revenue growth and control costs." "With the momentum in our business, favorable macro trends, and focus on driving margin improvement, we anticipate strong revenue growth and net profitability in 2016 and coming years."
07:52 EDTMICTMicronet Enertec reports Q3 EPS (22c) vs. (9c) last year
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