TAVA Reaches Preliminary Agreement to Acquire Mangan, Inc.
California System Integrator's Expertise in Refining and Bio-Technology with Staff of 70
ENGLEWOOD, Colo., Oct. 13 /PRNewswire/ -- TAVA Technologies, Inc. (Nasdaq: TAVA - news) a global supplier of automation and information technology solutions for industry, today announced it has reached a preliminary agreement to acquire Mangan, Inc. an industrial information and control systems integrator based in Carson, California. The acquisition is expected to close by November 30, subject to several conditions and contingencies, including Mangan's spin-off of certain equity interests and final approval of Mangan shareholders. Mangan is privately held with a primary practice focus in the refining industry and a growing bio-technology client base. Current staff is approximately 70.
John Jenkins, TAVA CEO, said, ''Mangan is one of the top system integrators in this market with an experienced and talented staff. They are a consistently successful and profitable organization that brings significant additional strength to markets that are important to TAVA's long term strategy. This acquisition brings immediate industry expertise and support to our newly opened and fast growing Houston operations.''
Statements made in this Press Release that are not historical or current facts are ''forward-looking statements'' made pursuant to the safe harbor provisions of federal securities laws. Forward-looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected. These risks and uncertainties include those discussed in the ''Management's Discussion and Analysis'' section of the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 1998 and in any subsequent reports filed with the Securities and Exchange Commission, to which reference should be made.
SOURCE: TAVA Technologies, Inc. |
