OPMR - News today. Spent $3M to get $11M in revenues via acquisition. Trading near LOD.
Optimal Robotics Acquires Systech Retail System's Hardware Services Division
3 Mar 2004, 07:15am ET
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MONTREAL, Quebec--(BUSINESS WIRE)--March 3, 2004--Optimal Robotics Corp. (NASDAQ:OPMR), announced today that it completed the acquisition of the hardware services division of Systech Retail Systems on Friday, February 27, 2004, at a net cost of US$3.0 million, subject to post-closing adjustments.
Optimal believes that the combination of the Systech hardware services division with Optimal's existing service organization will contribute positively to Optimal's financial results in 2004 and should add over US$11 million in annualized revenues.
Optimal expects a seamless transition for customers and anticipates increased customer satisfaction through a broader base of knowledge and resources. Optimal anticipates immediate benefits for its customers as the operations are quickly integrated.
The Optimal Services Group provides technical support and service to customers through a network of field offices and hubs linked to a national dispatch and advisory center operating 24/7.
About Optimal
Optimal Robotics Corp. is a leading North American provider of self-checkout systems to retailers and depot and field services to retail, financial services and other third-party accounts. Optimal has approximately 1,000 employees, which includes approximately 800 software and hardware professionals, and facilities in upstate New York, Santa Ana, Calif., Toronto, Ontario, and Montreal, Quebec, and operations throughout North America. For more information about Optimal, visit the company's website at http://www.opmr.com/ .
This news release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These forward-looking statements may include projecting revenue and profit growth, and statements expressing comfort with analysts' earnings estimates. These forward-looking statements are based on current expectations and assumptions and involve known and unknown risks and uncertainties that could cause Optimal's actual results to differ materially.
These risks and uncertainties include price and product competition, dependence on new product development, reliance on major customers, customer demand for our product and services, control of costs and expenses, domestic and international growth, general industry and market conditions and growth rates and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. For a further list and description of such risks and uncertainties, see the reports filed by Optimal with the Securities and Exchange Commission. Optimal disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Optimal Robotics
Leon P. Garfinkle, 514-738-8885
leong@optimal-robotics.com
SOURCE: Optimal Robotics Corp.