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Action Products International Announces Acquisition of Core Wafer Systems, Inc.
Action Products International, Inc. (OTC Pink: APII) is pleased to announce they have entered into a binding agreement for the acquisition of Core Wafer Systems, Inc. (CWS). Core Wafer Systems is a company that offers proprietary software and hardware that is used in the testing and data mining of today's most commonly used hard drives, memory, magnetics, and other advanced semiconductor and nanotechnology-based device components.
CWS ensures these components created by leading semiconductor manufacturers like TSMC, IBM, Western Digital, Seagate, and ON Semiconductor leave the factory in a working state, are tested and proven, are manufactured correctly, and won't suddenly fail for the end consumer.
CWS is an integrated partner of the world's premier measurement company, Agilent Technologies, by which they've been able to create technology that far surpasses the capabilities of their main competitor. Sharing a market expected to be worth more than $38 billion, that competitor has been on a steady decline due to their lack of system and product upgrades that conform to constant advances in the fast-paced world of manufactured semiconductors.
The company is now present in over 90% of the fabrication facilities around the globe as a result of its solidified strengthened position with Agilent and their test equipment. In addition, CWS has never failed to turn a profit over the last eleven years.
Core Wafer has two major business units: Semiconductor and Nanotechnology and Magnetics Test Systems and solutions. Both divisions offer software for extracting, analyzing and interpreting the test data they conduct for their customers.
Magnetics Test Systems customers include Multi-Dimension Technology Co. Ltd. (China), Seagate, and Western Digital.
Semiconductor and Nanotechnology division customers include Applied Materials, TSMC (Taiwan), Winbond (Taiwan), Sematech International, Global Foundries, National Semiconductor (now part of TI), Texas Instruments, US Department of Defense, Fujitsu (Japan), Intel, ON Semiconductor, Charter Semiconductor (now a part of Global Foundries).
While CWS has historically registered around $4 million in annual sales, Action Products expects the company to generate more than $14 million during 2012 (pro forma). The company attributes the extraordinary growth to several advantageous factors, including major upgrades being rolled out to new and existing customers CWS has developed in response to demands relating to the cyclical advances in semiconductors, nanotechnology, and magnetics industries perpetually experience.
Looking further ahead, the company expects top-level revenue growth to exceed $142 million over the next 48 months due to facilities acquiring new testing equipment to meet demands introduced by more complex components, reduce testing time per component, and companies in Thailand replacing and upgrading their damaged equipment from the massive flood in 2011. Pro forma year-over-year projections are $28 million for 2013, $42 million for 2014, and $58 million for 2015.
"This is an amazing opportunity for everyone," says Gary Polistena, CEO of Action Products International. "Core Wafer is right on the verge of exponential growth due to their vision and proprietary methods of performing low-cost, massively parallel testing. No product in the industry comes close to the feature-rich functionality Core Wafer offers, especially in this arena of advanced technology that's yet to be released to consumers.
"I'm extremely excited to welcome the Core Wafer team to APII as the cornerstone division -- working with their management team to reshape the executive leadership of the company. I look forward to releasing all of the exciting developments that are currently in the pipeline. Not only will a public company structure assist Core Wafer in obtaining their growth objectives, but now shareholders of APII will also benefit as expansion takes place."
About Action Products International, Inc.
Action Products International, Inc. (OTC Pink: APII.PK) is a holding company engaged in the acquisition and consolidation of selected companies with strong growth prospects. Existing subsidiaries of APII include North East Expedite Logistics and now Core Wafer Systems, Inc.
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