Probe Manufacturing Closes Acquisition of Utah Based Trident Manufacturing
IRVINE, Calif.--(BUSINESS WIRE)-- Probe Manufacturing, Inc., ("PMI") (OTCQB: PMFI), announced it has completed the acquisition of Trident Manufacturing, Inc., a full-service electronics manufacturing service company based in Salt Lake City, Utah. The acquisition includes 100% ownership interest of Trident Manufacturing and its operational assets. Trident Manufacturing had revenues of approximately $3 million in 2012 and has been servicing the industrial, aerospace, military, instrumentation, and medical markets since 2005.
PMI's management currently expects the transaction to be accretive to Probe's 2013 earnings and believes that the revenue opportunities, cost synergies and scalability that can be realized from the acquisition should exponentially accelerate PMI's growth. This acquisition and future acquisitions like this will provide PMI with an expanded presence in lower cost regions of the US; strengthen PMI's supply chain performance while increasing service levels and profitability; provides an additional 16,000 sq. ft. of manufacturing capacity and value-added cable and harness offerings through Trident's facility and ultimately enhance PMI's capacity to deliver seamless end-to-end solutions for diversified markets from manufacturing to distribution.
Kam Mahdi, President and CEO of PMI, said, "This acquisition meets several of our long and short-term strategic objectives which ultimately reinforce our strategy of providing a low-cost, scalable model for small to mid-size OEMs that allows them to manufacture right here in the US and avoid the myriad of problems and costs now being experienced with offshoring." Mahdi added that "Throughout the transition, customers will remain our top priority and we look forward to working with our new customers, employees and suppliers and are committed to achieving a smooth transition."
Dennis Davis, Chief Executive Officer of Trident Manufacturing, Inc., said, "PMI's supply chain expertise, management systems, engineering and manufacturing capabilities will provide great benefits and opportunities to our customers whereby we will now be able to deliver the end-to-end solutions, speed and scalability they need."
About Probe Manufacturing, Inc.
Probe Manufacturing is a global electronics design & manufacturing services company providing innovators with business services through our factory in California as well as factories Worldwide. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, and automotive industries since 1994. Probe's common stock is traded on the OTC Market QB under the symbol PMFI. Further information is available on Probe's website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to whether the transaction will be accretive to Probe's 2013 earnings and accelerate Probe's growth exponentially; whether revenue opportunities, cost synergies and scalability can be realized from the acquisition;whether the acquisition will help Probe meet its long and short-term strategic objectives which ultimately, reinforce its strategy of providing a low-cost, scalable model for small to mid-size OEMs; and whether the acquisition will be beneficial to the company and its shareholders.Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties and liabilities relating to the acquisition of a corporation; and other risk factors as outlined in the company's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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