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April 19, 2000
- For Immediate Release
Seattle, WA - Xantrex Technology Inc., a leading
advanced power electronics company, today announced the completion of
the acquisition of Heart Interface Corporation (Heart) and Cruising Equipment
Company (CECO), two related and privately held power electronics businesses
based in Seattle, Washington. Heart and CECO are major suppliers of power
inverters and instrumentation with a focus on the recreational vehicle
and marine markets.
"The acquisition of Heart Interface and Cruising Equipment adds another
leading brand and a large installed base to Xantrex's key markets. Extending
our product offerings and combining our research, development and service
will benefit our customers," said Mossadiq S. Umedaly, Xantrex's Chairman
and Chief Executive Officer. "The Heart and CECO products are an excellent
complement to our existing brands, which include Xantrex, Statpower and
Trace. Together we offer an unmatched range of advanced power electronics
to customers worldwide."
As a result of this, and a series of other transactions over the past
six months, Xantrex has become the world leader in advanced power electronics.
On October 14, 1999, Xantrex completed a CDN$50 million financing and
the simultaneous acquisition of Statpower Technologies Inc. of Burnaby,
British Columbia. On March 24, 2000, Xantrex completed a CDN$33 million
equity private placement to finance acquisitions. On March 31, 2000, Xantrex
merged with privately held Trace Holdings of Arlington, Washington, which
was comprised of two industry-leading power electronics companies, Trace
Engineering and Trace Technologies.
"By combining with other leading power electronics companies, Xantrex
has built a critical mass in products, technology, and presence in markets
with attractive growth potential," added Umedaly. "In addition to serving
our customers in existing markets which are growing, our strategy is to
pursue and capture the leading share in new and emerging markets. To achieve
our goals, we plan to grow internally and through mergers, acquisitions,
and strategic alliances."
Including the companies acquired today, Xantrex's combined pro forma annual
sales for 1999 were over US$120 million or CDN$175 million. Xantrex has
facilities in Arlington and Kent, Washington, Burnaby, British Columbia,
and Livermore, California.
Xantrex is the world's leading provider of advanced power electronics
and controls to a broad range of commercial, consumer, recreational and
residential markets, as well as emerging distributed and renewable energy
markets. Xantrex products range in size from 50 watt portable units to
over 1 megawatt stationary units and sell under the Trace, Statpower,
Heart, CECO and Xantrex brand names. Major product lines include:
- Power electronics
and controls for solar photovoltaic, wind, fuel cell, microturbine,
advanced battery and backup power applications in both grid-connected
and stand-alone systems;
- Programmable AC/DC
power converters for development and testing of electronic equipment,
as well as power sources in semiconductor manufacturing and medical
equipment;
- DC/AC inverters,
chargers and controls that provide auxiliary power systems for heavy-duty
trucks, cars, fleet and utility vehicles, boats and recreational vehicles,
and portable units for outdoor and emergency use.
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