Colorado MEDtech Inc. to Acquire Erbtec Engineering Inc.
BusinessWire, Monday, July 28, 1997 at 11:05
BOULDER, Colo.--(BUSINESS WIRE)--July 28, 1997--Colorado MEDtech Inc. (NASDAQ:CMED) and Erbtec Engineering Inc.(Erbtec) today announced they have entered into an agreement whereby Colorado MEDtech Inc. will acquire the operating assets of Erbtec.
Erbtec, located in Boulder, is a privately held, 17-year-old company with annual revenue of $10 - $12 million. The transaction is expected to close on Oct. 1, 1997. Consideration will be primarily cash with some stock.
Erbtec engages in the development, manufacture and sale of electronic products for sale in the United States and Asia to OEM system integrators. Erbtec's main products are high power radio frequency (RF) amplifiers and systems for Magnetic Resonance Imaging (MRI) equipment. Erbtec's primary customer is a market leader in MRI systems. Erbtec also has product offerings in radio frequency and amplifiers and power systems for other medical imaging applications.
John V. Atanasoff, president and CEO of Colorado MEDtech, said that Erbtec is an excellent strategic acquisition because it provides growth for CMED in a medical product area that is not competitive with CMED's present OEM customers and it fits well with CMED's present product development, manufacturing and marketing capabilities. "We are particularly pleased to be able to acquire a successful, high-technology business with a strong core of talented people and high-performance products," said Atanasoff.
Colorado MEDtech is an integrated custom product development and manufacturing services company specializing in the design, development and manufacture of electronic and electromechanical products and software systems for the medical device industry.
CONTACT: Colorado MEDtech Inc., Boulder
John V. Atanasoff or Bruce L. Arfmann, 303/530-2660
Fax: 303/581-1010
cmed@rela.uucp.netcom.com
KEYWORD: COLORADO
INDUSTRY KEYWORD: MEDICINE MERGERS/ACQ
URL: cmed.com
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