STOCKHOLM, Sweden, June 02, 2003 (PRIMEZONE) -- In order to strengthen its expertise in microwave engineering and defense PartnerTech has signed a letter of intent to acquire all shares in BEVE Electronics AB, an electronics manufacturer focusing on advanced systems and electronic components. The company, which is undergoing judicial reorganization, posts annual sales in excess of SEK 200 million and employs some 170 people. BEVE Electronics is now a subsidiary of Mitec Telecom Inc., a Canadian-based company.
Located in Boras in western Sweden, which is the centre for approx. 50 % of the world market for microwave engineering, BEVE Electronics is a leading contract manufacturer of technically sophisticated systems and electronic components. Most of the company's customers are in the defense, medical technology and telecom industries.
The acquisition, which is conditional upon acceptance of the composition settlement, will be preceded by a due diligence investigation. Completion of the transaction is expected during the summer of 2003. PartnerTech expects the acquisition to immediately boost its earnings.
PartnerTech President and CEO Mikael Jonson said, "The acquisition will further expand our expertise in microwave engineering and our role as a supplier to the defense industry. Furthermore, it strengthens our market position in western Sweden."
"Mitec President and CEO Rajiv Pancholy, welcomes PartnerTech as the new shareholder of BEVE. "We are very happy about a sale to PartnerTech. We feel confident that this solution will turn out well. PartnerTech's orientation toward complete solutions is a good match with our objectives and the requirements of the customers."
For additional information, please feel free to call: Mikael Jonson, CEO, PartnerTech AB, +46 70 678 10 01 Keith Findlay, CFO Mitec Telecom Inc. +1 514 694 90 00
PartnerTech develops and manufactures electronic products under contract for leading companies, primarily in telecommunications, IT, the engineering industry and medical equipment. The company (www.partnertech.se), which has approximately 1,200 employees prior to the acquisition, is quoted on the O list of the Stockholm Stock Exchange.
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