ORLANDO, FL – (Business Wire) – July 8, 2013 — API Technologies Corp. (NASDAQ:ATNY) (“API” “API Technologies” or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced the sale of its Data Bus product line to Data Device Corporation (“DDC”) in a $32.5 million cash transaction. The Data Bus product line includes National Hybrid-brand products and UK-made MIL- STD-1553 and MIL-STD-1760 products.
"Since the product line’s introduction in 1974, the National Hybrid name has been synonymous with military specification data bus products. We are pleased to see this heritage continue as part of DDC,” said Bel Lazar, President and Chief Executive Officer, API Technologies Corp., “Given our technology roadmap and product offerings as one of the world’s largest merchant suppliers of RF/microwave and microelectronics technologies, this tax-efficient transaction helps direct energies and resources toward the continued advancement of our new products and platforms, including innovative subsystems and modules.”
Net cash proceeds from the transaction will be used to pay down debt.
The Data Bus product line sale is part of API’s previously announced strategic review process. The strategic review process is ongoing and the Company does not intend to discuss or disclose further developments with respect to the Board’s process unless and until the Board has approved a specific course of action.
About API Technologies Corp.
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies' customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitech.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the ability of our review of strategic alternatives to maximize stockholder value and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
EVP & Chief Financial Officer
Tara Flynn Condon
Vice President, Corporate Marketing & Investor Relations