Acquisition of the assets of Airinet Inc
7th June 2012
Dialight plc
Acquisition of the assets of Airinet Inc
Dialight plc ("Dialight") is pleased to announce that its US subsidiary, Dialight Corporation, has completed the acquisition of the assets of Airinet Inc ("Airinet"), a lighting controls company, for upfront consideration of $2.6m with additional sums payable based on future revenue through to 2020 of up $7.4m.
Airinet, headquartered in Pueblo, Colorado,develops next generation lighting control, energy management, and automated network control systems and employs six lighting control engineers. Focused on industrial applications, Airinet has developed leading edge networked management systems for lighting, which deliver features such as dimming, daylight harvesting, flexible scheduling, tailored occupancy, diagnostics, power monitoring, and real time data reporting. These networks are based on Power Line, Wireless, or Hybrid communications to deliver two way capabilities Among its existing patent applications is its' Lumitrol™ Light Control Module which instantly upgrades an ordinary light to a "smart" light without modification to existing equipment. This system will allow substantial energy savings on top of those that are already available from switching to Dialight's LED lights.
Dialight has assumed no liabilities on the acquisition and all employees will transfer to Dialight Corporation on completion. All patent applications have been transferred to Dialight ownership. The goodwill on acquisition is expected to be $7.7m with the final balance to be confirmed as part of the 2012 Preliminary Results. Management expect the acquisition to be earnings accretive from 2013, at the earliest.
Dialight will manufacture the Lumitrol™ controls at its facility in Ensenada, Mexico and the LED products incorporating the controls will be sold by Dialight's direct sales force and distributor sales representatives.
Commenting on the acquisition Roy Burton, Group Chief Executive, said:
"The acquisition of controls capability will be key to further driving the value proposition and improving payback to our hazardous LED lighting customers"
Contacts:
For further information:
Roy Burton - Group Chief Executive, Mark Fryer- Group Finance Director, Dialight plc Tel: +44 (0) 1638 778640
Simon Bridges - Canaccord Genuity Limited, Tel: +44 (0) 20 7523 8000
Robert Speed- Kreab Gavin Anderson, Tel: +44 (0) 20 7074 1800,
Email: dialight@kreabgavinanderson.com
About Dialight
Dialight plc is leading the lighting revolution for industrial users across the world. Applying leading edge LED technology it produces retro-fittable lighting fixtures designed specifically for hazardous locations, obstruction lighting, traffic and rail signalling to vastly reduce maintenance, save energy, improve safety and ease disposal. Versions of these high specification luminaires are also produced for more general commercial, industrial and outdoor situations.
Dialight comprises the following business segments:
Signals/Illumination which addresses the increasing demands for Energy Efficient Lighting solutions through the use of high brightness LEDs and utilisation of a number of associated technologies. Areas of business include Traffic and Rail Signals, Obstruction Lights and Solid State Lighting products.
Indication components whose sales are primarily to Electronics OEMs for status indication; and
Electromagnetic components which supplies smart meter disconnect switches which are used by utility companies to manage remotely electrical supply to residential and business premises.
The company is headquartered in the UK and listed on the London Stock Exchange (LSE:DIA.L,GB0033057794) with operating locations in the UK, USA, Denmark, Germany, Australia, Japan and Mexico. More information is available at www.dialight.com.
Further information on Airinet can be found at www.airinet.com.
Cautionary statement
This announcement contains certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of Dialight plc and its subsidiaries is not warranted or guaranteed. These statements typically contain words such as 'intends', 'expects', 'anticipated', 'estimates' and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Although Dialight plc believes that the expectations will prove to be correct. There are a number of factors, many of which are beyond the control of Dialight plc, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.
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This information is provided by RNS
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