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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 10, 2014
08:47 EDTMICTMicronet Enertec awarded $1.1M in purchase orders
Micronet Enertec announced that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded two purchase orders from a global aerospace corporation, for an aggregate amount of more than $1.1M. One purchase order in the amount of $500,000 is for additional production units of the fire control computer for the newest version of an advanced missile defense system. The other purchase order, in the amount of $640,000, is for the development of a computer-based test and simulator system to ensure the combat readiness of a critical missile system. The company anticipates delivery of both orders during calendar year 2015 and expects to receive follow-on orders for both projects. The award is from a global aerospace corporation who is marketing the system in cooperation with a major US Aerospace contractor.

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