Shanghai Optics Inc
Acquisition of Technology Development Co. Ltd and Trading Update
Shanghai Optics Inc, the specialist manufacturer of optical components and systems, today announces that it has acquired Sincere Technology Development Co. Ltd, (Sincere Technology Development) ,China, based manufacturer of optical design, optics manufacturing and fibre optic components and systems for optical applications, for a total consideration of $0.50 million. The consideration is payable in two tranches with $0.15 million payable in cash on completion and a further $0.35 million on 1st October 2005. Sincere Technology Development will be integrated with the Company existing optical design, optics manufacturing and fibre optic components units, significantly enhancing SO already strong presence in these sectors. Comprising those parts of the business of Sincere Technology Development Co. Ltd. with applications in optical design, optics manufacturing and fibre optic components, the product range of Sincere Technology Development is highly complementary to that of SO. Shanghai Optics is a leading supplier and manufacturer of lenses, mirrors, prisms, filters, and custom-shaped optical components in China,. While Sincere Technology Development has a capability in Optical system design and manufacturing and SO has become active in optical system design and manufacturing in recent years, Sincere Technology Development new office address is at 1266 Gudai Road No 42 Suite 301 and approximately 65 people will transfer with the business, including the senior management team. All of the manufacturing and test equipment and other assets necessary to operate the business at current levels are included with the business.
Bin Zhang, Chief Executive of Shanghai Optics Inc commented:
"The acquisition of Sincere Technology Development consolidates SO global leadership in the field of optical design and provides self-sufficiency in the strategically important optics manufacturing that are central to several of our most exciting new products. In addition to excellent people and top quality products Sincere Technology Development also brings new capabilities in optical design and optics manufacturing to SO that support our ongoing diversification into markets such as Defence, Life Sciences and Telecommunications."
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I wanted to take the time to compliment you and your staff on the SUPERB service you have provided for us. I am extremely pleased with your quick response time. We are very happy with the quality of the 200 sets of optics we ordered last month. We hope to continue our working relationship with Shanghai Optics in the future.
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