API Technologies Acquires Commercial Microwave Technology, Inc.
November 30, 2011 — API Technologies Corp. (NASDAQ:ATNY) (“API” or the “Company”), a provider of electronic systems, subsystems, RF, and secure solutions for the defense, aerospace, and commercial industries, today announced that is has completed the acquisition of substantially all of the assets of Commercial Microwave Technology, Inc. (“CMT”) for a total purchase price of $8.2 million in cash.
Based in Rancho Cordova, California, CMT was founded in 1997 and is a leading manufacturer of RF and microwave filters to the satellite and commercial industries. CMT’s customers include many Fortune 100 companies as well as industry-leading providers of public safety products, and wireless and broadband communication services. Product lines feature off-the-shelf and custom-designed lumped element filters, cavity filters, combline filters, and waveguide filters, for use in use in a variety of applications, including satellites, surveillance, remote metering, and interference mitigation.
Brian Kahn, Chairman and Chief Executive Officer of API stated, “CMT brings to API a complementary RF and microwave product line, a strategic presence within the high-reliability space market, and approximate annual revenues and EBITDA of $8 million and $2.5 million, respectively. API will provide CMT with an expanded sales channel, superior manufacturing capabilities, and greater financial scale. We expect this transaction to have significant benefits to both companies’ customers and all API stakeholders.”
Bel Lazar, President and Chief Operating Officer of API stated, “CMT’s engineers are among the brightest in the industry, having developed a strong portfolio of high quality RF and microwave subsystems and components. With the acquisition of CMT, API will expand its reach within the commercial and public safety markets, opening up new customer channels for our products.”
About API Technologies Corp.
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies' customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY.