15 April 2007
15 April 2007
Avcorp Industries has entered into an agreement to acquire Comtek Advanced Structures (Comtek), which has expertise in the design and low-cost manufacture of advanced composite aerostructures.
""The combined companies would possess an in-depth capability to design, manufacture and support a wide range of composite and metallic aircraft structures,"" noted Paul Kalil, President. ""Avcorp's aerospace expertise along with Comtek's advanced composites capabilities will allow the new entity access to additional aerospace markets.""
Comtek has invested in excess of CAD$7 million to develop advanced proprietary resin infusion technology. The first commercial application of this technology by Comtek has been utilized on the Airbus A380 program. Comtek has annual revenue of approximately CAD$18 million and has been in business for 13 years. It has 90 employees of which 12 are engineers involved in research and product development operating out of Burlington Ontario and Phoenix Arizona.
As part of the agreement, Avcorp is to invest CAD$1.5 million into Comtek, of which up to CAD$ 200,000 will be in shares of Avcorp at a deemed value of $2.85 per share, with the CAD$1.3 million balance for working capital.
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