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MAR Technologies Acquires Continuum Engineering Inc.; Names Company Founder Steven Sarfati Manager of Position and Motion Control Products
Business Wire - December 14, 1998 09:46
SAN DIEGO--(BUSINESS WIRE)--Dec. 14, 1998--
Highly Synergistic Move Strengthens JMAR's Presence in Key Product
Areas, Allows More Rapid Expansion Into Important New Markets
JMAR Technologies Inc. (Nasdaq NM:JMAR), a growing provider of precision micro-technology products, today announced that it has acquired Continuum Engineering Inc., a privately owned Los Angeles-based supplier of precision, low-cost motion control systems for the microelectronics industry, for 92,160 unregistered shares of JMAR stock. The seller could receive additional shares of JMAR stock in the future contingent upon attainment of certain performance goals.
Continuum Engineering, with profitable sales of more than $500,000 annually over the last several years, currently supplies precision motion control systems to a broad-range of manufacturers of precision microelectronics products, including JMAR. It was founded and owned by Steven Sarfati, a former Distribution Technical Sales Manager for Intel Corp.
Sarfati, holder of an optical measurement system technology patent, will join JMAR's Precision Systems Division ("JPSI") as Manager of Position and Motion Control Products.
Commenting on the acquisition, JMAR Chairman and Chief Executive Officer John S. Martinez, Ph.D., said, "The addition of Continuum Engineering to the JMAR family instantly expands our range of motion control products and at the same time positions us to address areas of the measurement and inspection equipment system market that previously were unavailable to us."
"We will also benefit significantly from the proven expertise of Continuum's founder, Steven Sarfati, a recognized leader in the motion control equipment field, who will play a hands-on role in managing that area of our business," Martinez continued.
"We believe his keen industry knowledge, technical creativity, and entrepreneurial philosophy will do much to help JMAR not only penetrate new markets with our positioning and motion control products, but also extend the sales of our precision measurement and inspection systems to Continuum's existing customer base."
"The expected substantial synergies produced by this acquisition should enable JMAR to achieve an increase in revenues far in excess of Continuum's existing product sales and should be accretive to earnings beginning in 1999," said Martinez.
Pursuant to the Private Securities Litigation Reform Act of 1995: The statements regarding JMAR's future sales of positioning and motion control products and measurement and inspection systems or profit growth, size of potential markets, competitive position or products, projects, or processes currently under development and the ability of the company to successfully introduce those products into the commercial marketplace or to apply or otherwise transfer those products, projects or processes to alternate applications are forward-looking statements based on current expectations that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including delays in shipment or cancellation of orders, failure of expected orders to materialize, concentration of sales to certain markets and customers, timing of future orders, customer reorganizations, failure of advanced technology to perform as predicted, uncertainties associated with the timing of the funding of government contracts, fluctuations in demand, economic conditions in various geographic regions, natural events such as earthquakes, flood and fire and the other risks detailed from time-to-time in the company's reports which are filed with the Securities and Exchange Commission.
JMAR Technologies Inc. develops, manufactures and markets precision measurement, process control and laser manufacturing systems, provides custom semiconductor products for the microelectronics industry and is a leading developer of advanced lithography sources for production of future higher performance semiconductors.
CONTACT: JMAR Technologies Inc.
Dennis E. Valentine, 619/535-1706
jmar.com
or
Financial Relations Board
Eileen Morcos, 310/442-0599 |
