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[Deewar25]

AATK American Access Technologies and M&I Electric Industries Complete Merger

Game on, lets see how this pans out...Yeah, I had trouble figuring a fair PE - I used 15 as a starting point - straight earnings though, didn't look at assets etc


HOUSTON & KEYSTONE HEIGHTS, Fla.--(BUSINESS WIRE)--American Access Technologies, Inc. (NASDAQ:AATK) and privately held M&I Electric Industries, Inc. announced today the completion of their previously announced merger. The newly-combined company will operate as American Electric Technologies, Inc. and will begin trading today on the NASDAQ Capital Market under the symbol “AETI.”

Arthur Dauber, president and CEO of M&I Electric, was named chairman and CEO of American Electric Technologies. The American Access business will be run by Timothy Adams, former president and chief operating officer of American Access Technologies.

“By leveraging American Access’ expertise in electrical enclosure manufacturing, we expect to further our efforts to become one of the leading providers of power delivery solutions for the energy industry,” said Dauber. “We believe this merger will also increase the company’s ability to raise additional capital to fund new R&D projects, acquire companies aligned with our growth strategy and further develop innovative technologies to benefit customers, shareholders and the industry.”

M&I Electric has been a leading global supplier of custom-engineered power delivery solutions to the traditional and alternative energy industries for over 60 years. The principal markets served include oil and gas exploration and production including offshore and land drilling, pipelines, land and offshore production, and service and production vessels; petrochemical and refining; and the water and wastewater facilities industry.

In connection with the merger, the company has effected a five-to-one reverse stock split of its common stock. As a result, American Electric Technologies has approximately 7.6 million shares issued and outstanding, of which approximately 80 percent are held by prior M&I stockholders and approximately 20 percent are held by American Access stockholders.

Adams, who will now become a vice president of AETI, said, “American Access’ customers can expect continued product quality and satisfaction with our cabling and wireless enclosures and our custom metal fabrication services. The merger is expected to put us in a strong financial position and push us forward as an industry leader. We will all work together closely to ensure a smooth integration as one company.”

American Access, based in Keystone Heights, Fla., designs and manufactures patented zone cabling and wireless enclosures that mount in ceilings, raised floors and in custom furniture for routing of telecommunications cabling, fiber optics and wireless solutions to the office desktop. Its Omega Metals division manufactures proprietary products, and also employs state-of-the-art metal fabrication and finishing techniques for public and private companies and U.S. government contractors.

The American Electric Technologies board of directors includes four members from the M&I board of directors, two continuing members from the American Access board of directors and one new director. The American Access directors who will continue on the board are Howard Kelley and Lamar Nash. The M&I directors who will serve on the AETI board are: Arthur G. Dauber, Stuart Schube, J. Hoke Peacock II and Paul N. Katz. Peter Menikoff has joined the board and has been appointed as chairman of the audit committee. Menikoff has served as a director of ACE Limited since 1986.

Other AETI officers are:
John H. Untereker Senior Vice President, CFO and Secretary
Neal T. Hare Senior Vice President of Operations
James J. Steffek Executive Vice President of Sales and Business Development
Charles M. Dauber Senior Vice President of Marketing
Joseph F. McGuire Vice President and Treasurer
Erik Wiisanen Vice President, Sales and Marketing, Omega Metals Division

American Electric Technologies, Inc. (NASDAQ:AETI) is a leading provider of custom-engineered power delivery solutions for the generation, transmission and utilization of energy. AETI will offer M&I Electric power distribution and control solutions, field service and testing services, and E&I construction services, as well as American Access zone enclosures, and Omega Metals custom fabrication services. AETI is headquartered in Houston and has global sales, support and manufacturing operations in Keystone Heights, Fla., Beaumont, Texas, Mississippi, Singapore and China. For more information about AETI, visit www.aeti.com.


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