CALGARY, AB, Aug. 10, 2020 /CNW/ - Circa Enterprises Inc.
(TSVX: CTO) ("Circa"), a manufacturer of equipment for the
telecommunication, electrical utility, and construction industries,
announced today that it has entered into a definitive agreement to
acquire substantially all of the assets of Teletics, Inc.
("Teletics"), a manufacturer and supplier of fully monitored,
ruggedized wireless voice devices. The agreement was signed
August 7, 2020 and the transaction is
expected to be completed on or about August 14, 2020. Upon
completion of the acquisition, the business will operate as a
separate product line within the Telecom segment of Circa
Enterprises Inc.
"The acquisition of Teletics expands Circa's Telecom product
offering with wireless communications systems engineered for
extreme operating conditions. Teletics' line of rugged wireless
equipment complements our existing product line and expands our
engineering capabilities," said Cory
Tamagi, President and CEO of Circa. Mr. Epp, Executive
Vice President added, "The Teletics cloud-based software platform
is expected to be integrated with the Guardian product line to add
wireless connectivity of its devices and provide remote monitoring
with alarm and event notification capabilities to enable Circa to
expand into the IoT space."
The cash transaction of approximately $322,000 remains subject to standard closing
conditions. Funding for the transaction will be financed from
cash on hand and the Company's operating line. The business and
operations are expected to be integrated with Circa's facilities in
Calgary, Alberta in the third quarter of 2020.
About Circa Enterprises
Circa Enterprises Inc. is a
public company headquartered in Calgary,
Alberta with operations in Alberta and Ontario. Circa designs,
manufactures and supplies telecommunications equipment, cable and
connectivity products, metal enclosures, electrical equipment, and
other goods to customers in the telecommunications, electrical, and
construction industries. The outstanding common shares of
Circa are listed and trade on the TSX Venture Exchange under the
trading symbol CTO. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About Teletics
Teletics Inc. has been operating since
2003 and is based in Calgary,
Alberta. Teletics designs, manufactures and supplies fully
monitored wireless Analog, VoIP and WiFi devices designed to
withstand harsh environments and climates. Teletics' products have
been deployed, by both private and public sector customers, in some
of the harshest environments anywhere, including oil drilling rigs,
utility substation metering locations, chemical plants and
industrial sites.
Forward Looking Statements
Certain
information in this News Release may constitute "forward-looking"
information that involves known and unknown risks, uncertainties,
future expectations and other factors which may cause the actual
results, performance or achievements of the Company or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. When used in this News Release, this
information may include words such as "anticipate", "estimate",
"may", "will", "expect", "believe", "plan" and other terminology
and specifically includes reference to the completion and timing of
the referenced acquisition, the impact of such acquisition on Circa
and the timing for the integration of the business of Teletics.
These statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties and are based on
both the views of management and assumptions (such as those
relating to the performance of the Teletics business and
management's ability to integrate such business) that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activities, performance or achievements expressed in or implied by
these forward looking statements. This information reflects
current expectations regarding future events and operating
performance and speaks only as of the date of this News Release.
Except as required by law, we assume no obligation to update or
revise forward-looking information to reflect new events or
circumstances. Additional information is available in the Company's
Management Discussion and Analysis, which can be found on SEDAR at
www.sedar.com.
SOURCE Circa Enterprises Inc.