Xantrex Announces Closing of Acquisition of Elgar Electronics |
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Xantrex Technology, Inc.
161-G S. Vasco Rd.
Livermore, CA, 94551
USA
Press release date: March 12, 2007
VANCOUVER, March 12: Xantrex Technology Inc. (TSX:XTX) today announced it has completed the acquisition of Elgar Electronics Corporation, a leading provider of programmable power products and systems for $108 million in cash.
"Acquiring Elgar is an important milestone for Xantrex," said Mossadiq Umedaly, Xantrex Chairman. "With Elgar, Xantrex will be the leader in programmable power with the broadest product line in the industry. In addition to financial benefits and synergies, the acquisition will provide management capability, new technologies, and production know-how that will strengthen Xantrex's entire business."
Xantrex's CEO John Wallace commented, "Xantrex and Elgar have a shared vision for the advanced power electronics market. Together we will benefit from broader capabilities and shared technology which will enable us to offer a broad spectrum of quality products through an expanded distribution network for our new customer base."
About Xantrex
Xantrex Technology Inc. (www.xantrex.com) a world leader in the development, manufacturing and marketing of advanced power electronic products and systems for the renewable, portable, mobile, and programmable power markets. The company's products convert and control raw electrical power from any central, distributed, renewable, or backup power source into high-quality power required by electronic and electrical equipment. Headquartered in Vancouver, British Columbia, the company has facilities in Arlington, Washington; Livermore and San Diego, California; Elkhart, Indiana; Barcelona, Spain; and Reading, England. Xantrex is listed on the Toronto Stock Exchange under the ticker symbol "XTX".
Note that this news release contains forward-looking statements related to Xantrex Technology Inc. Such statements reflect the current views of Xantrex with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in these forward-looking statements.
CONTACT: Donna Clark, (604) 422-2601, investor.relations@xantrex.com Source: Xantrex Technology Inc.
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