i doooooooooo like the way things are going here...increased rev and profits from here on in is
my guess...qtr to qtr/qtr over qtr....my opinion only.....this today:
(COMTEX) B: Sono-Tek Acquires Assets of SEREC Corporation
B: Sono-Tek Acquires Assets of SEREC Corporation
MILTON, N.Y., Oct 19, 2000 (BUSINESS WIRE) -- Sono-Tek Corporation (OTC BB:
SOTK) today announced that it acquired the assets of SEREC Corporation, a Rhode
Island-based company, which developed and patented a unique Airless(TM)
technology with applications in solvent cleaning systems, coating processing,
food processing, and other manufacturing processes.
SEREC's machines have been customized and sold to companies in the aircraft,
tube drawing, and metal stamping industries.
The assets acquired include SEREC's patents, trademarks, engineering, financial
and customer records, certain machines, parts inventory, test equipment, and
existing purchase orders, some of which Sono-Tek expects to ship during its
third fiscal quarter, which ends November 30, 2000.
Peter T.E. Gebhard, the founder and President of SEREC, will provide assistance
to Sono-Tek to effectuate the orderly transfer of these assets, as well as
supporting the short-term sales and marketing activities. Mr. Gebhard will also
assist in developing a long-term strategy for the entire solvent cleaning
business of Sono-Tek Cleaning Systems, Inc.
According to James L. Kehoe, Chairman and CEO of Sono-Tek, "We believe SEREC's
revolutionary Airless(TM) systems are unique because they reduce organic solvent
emissions to a level well below the most stringent level set by the United
States Environmental Protection Agency.
"This technology should provide significant growth opportunities for Sono-Tek
because of its performance advantages and restrictions being imposed on
competing technologies by more stringent enforcement of environmental
legislation."
Mr. Kehoe continued, "We believe this acquisition is synergistic with the
business of Sono-Tek Cleaning Systems, and that by combining SEREC's business
with our more substantial resources in engineering, sales, and finance, we will
be able to increase SEREC's growth in existing markets, as well as its expansion
into new markets."
Sono-Tek Corporation is the leading developer and manufacturer of liquid spray
products based on its proprietary ultrasonic nozzle technology. Founded in 1975,
the Company's products have long been recognized for their performance, quality,
and reliability.
Sono-Tek Cleaning Systems, Inc., a wholly owned subsidiary of the Company, is a
leading developer and manufacturer of precision cleaning and drying products for
the semiconductor, disk drive and other precision cleaning industries. PNR
America, LLC, an affiliate of the Company, imports and sells a full range of
pressure nozzles manufactured in Italy.
This press release contains forward looking statements regarding future events
and the future performance of Sono-Tek Corporation and its affiliates that
involve risks and uncertainties that could cause actual results to differ
materially.
These factors include, among other considerations, general economic and business
conditions; political, regulatory, competitive and technological developments
affecting the Company's or its affiliates' operations or the demand for its
products; timely development and market acceptance of new products; adequacy of
financing; capacity additions and the ability to enforce patents.
The Company undertakes no obligation to update publicly any forward-looking
statements. We refer you to documents that the Company files with the Securities
and Exchange Commission, which include Form 10-K and Form 10-Q containing
additional important information.
CONTACT: Sono-Tek Corporation, Milton
James L. Kehoe, Chief Executive Officer, 845/795-2020
or
The Neilson/Hetrick Group
Demi Hetrick, 717/263-3449
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