Plaintree Systems Inc. Announces Intention to Acquire Specialty Manufacturer of Home Appliances
Plaintree Systems Inc. Announces Intention to Acquire Specialty Manufacturer of Home Appliances
ARNPRIOR, ON / ACCESSWIRE / March 29, 2022 / Plaintree Systems Inc. (CSE:NPT) ("Plaintree" or the "Company").
阿諾普賴爾,2022年3月29日/ACCESSWIRE/Plaintree Systems Inc.(CSE:NPT) ("普賴恩特里“或”公司“).
Share Purchase Agreement to Purchase Shares of Elmira Stove Works
股份購買協議購買Elmira爐具廠股份
Plaintree today also announced that it has finalized the terms of a share purchase agreement with Tom Hendrick, Brian Hendrick and Jane Hendrick, the shareholders of Hendrick Energy Systems Inc. ("HES") and Elmira Direct Limited ("Elmira" and collectively with HES, "Elmira Stove Works"), pursuant to which 9366920 Canada Inc. ("9366920"), a wholly-owned subsidiary of Plaintree, will purchase all of the shares of Elmira Stove Works (the "Transaction"). The share purchase agreement, which will be signed by the parties on the closing, which is expected to be March 30, 2022, completes the negotiations process commenced by the signing of a non-binding letter of intent in December 2021. Elmira Stove Works, Ontario private companies operating in Elmira, Ontario, are in the business of manufacturing and selling of high-end antique and retro styled home kitchen appliances as well as wood burning cookstoves with sales in both Canada and the United States.
普萊特里今天還宣佈,它已經與亨德里克能源系統公司(HES)的股東湯姆·亨德里克、布萊恩·亨德里克和簡·亨德里克以及埃爾米拉直接有限公司(“埃爾米拉”)的股東埃爾米拉直接有限公司(“埃爾米拉”)敲定了股份購買協議的條款,根據該協議,普萊特里的全資子公司9366920加拿大公司(“9366920”)將購買埃爾米拉火爐廠的全部股份(“交易”)。雙方將在交易結束時(預計為2022年3月30日)簽署購股協議,完成了2021年12月簽署不具約束力的意向書開始的談判進程。Elmira爐具工廠位於安大略省埃爾邁拉市,是一家生產和銷售高端古董和復古風格的家用廚房用具以及燃燒木材的爐具的私營公司,在加拿大和美國都有銷售。
Following the closing, the Elmira Stove Works business will be moved to the Company's Arnprior, Ontario facilities to continue its operation from there. Shortly following the closing, Elmira Stove Works and 9366920 will complete a short-form amalgamation and the amalgamated company will continue the Elmira Stove Works business under the corporate name Elmira Stove Works Inc. Elmira Stove Works Inc. will continue to be a wholly-owned subsidiary of Plaintree following the amalgamation.
交易結束後,Elmira爐具廠的業務將轉移到公司位於安大略省Arnprey的工廠,以便從那裏繼續運營。交易結束後不久,埃爾米拉火爐廠和9366920將完成一次簡短的合併,合併後的公司將繼續以埃爾米拉火爐廠公司的名稱開展埃爾米拉火爐廠業務。合併後,埃爾米拉火爐廠公司將繼續是普萊特里的全資子公司。
The Transaction will be completed on a share purchase basis with an all cash purchase price. Elmira Stove Works will be acquired on a debt free cash free basis. The purchase price for Elmira Works is estimated to be $3.1 million and is comprised of: (i) three cash payments of $500,000 due on each of the closing date, and 6 and 12 months thereafter; (ii) an earnout equal to 8% of net sales of the Elmira Stove Works business during the 12 months period commencing 60 days following the closing date (up to a maximum of $500,000); and (iii) the value of inventory on hand on closing payable over a 24 month period following the closing date as and when the inventory is sold (estimated to be $1.1 million). The Transaction will be financed by an increase of $1.5 million in the Company's banking facilities with a portion of the purchase price based on the value of the inventory on hand at HES and Elmira on closing to be paid over a 24 month period following closing as inventory is used in the business with the balance of funds expected to come from the resources of the acquired business. The bank facility involves a term loan with a term of five (5) years with the loan to be advanced in three tranches of $500,000 on the closing of the transaction and each of 6 months and 12 months after the closing. The interest rate will be a floating rate equal to the bank's prime rate plus 1%. The term loan will be repayable through monthly principal payments and a lump sum due on the maturity date of accrued interest and any principal then outstanding. The term loan will be secured by the Company's existing security with the bank as well as a pledge over the Elmira Stove Works shares being acquired. In addition to the bank's security, the vendors of Elmira Stove Works has also been granted a security interest over the assets of Elmira Stove Works to support the post-closing payments and this security interest is being subordinated to the security of the bank.
這筆交易將以股票購買為基礎,以全現金收購價格完成。Elmira爐具工程將在無債務、無現金的基礎上收購。Elmira Works的收購價格估計為310萬美元,包括:(I)於每個結算日及其後6個月和12個月到期的三次現金付款500,000美元;(Ii)相當於Elmira爐具工程業務在結算日後60天開始的12個月期間淨銷售額8%的溢價(最高不超過500,000美元);及(Iii)結清時的手頭存貨價值,在結算日後24個月內於存貨出售時應付(估計為110萬美元)。這筆交易的資金將來自增加公司銀行融資150萬美元,部分收購價格基於交易完成時HES和Elmira的庫存價值,將在交易完成後24個月內支付,因為庫存用於業務,資金餘額預計來自收購業務的資源。銀行貸款涉及一筆期限為五(5)年的定期貸款,貸款將在交易完成時分三批預付500,000美元,每批預付6個月和12個月。利率將是浮動利率,等於銀行的最優惠利率加1%。定期貸款將按月償還本金,並在應計利息和當時未償還的本金到期日一次性償還。這筆定期貸款將以公司在銀行的現有擔保以及對正在收購的Elmira爐灶工程股份的質押為擔保。除了銀行的安全, Elmira爐具廠的供應商還被授予對Elmira爐具廠資產的擔保權益,以支持關閉後的付款,而這一擔保權益從屬於銀行的擔保。
The Transaction is not subject to shareholder or other regulatory approval. The completion of the Transaction is subject to customary closing conditions and closing is expected to be completed by the end of March, 2022. The board of directors of the Company has considered all relevant factors and unanimously determined that the purchase of the Elmira Stove Works business is in the best interests of the Company and its shareholders.
這筆交易不需要得到股東或其他監管機構的批准。交易的完成取決於慣例的成交條件,交易預計將於2022年3月底完成。本公司董事會已考慮所有相關因素,並一致認為收購Elmira爐具廠業務符合本公司及其股東的最佳利益。
"As we all know, Plaintree is always on the look for interesting and profitable manufacturing targets" said David Watson, Plaintree CEO. "The first time I saw the Elmira line I was reminded of Victor Kiam and Remington, 'I loved the product so much we bought the company!'. The Elmira Stove Works business will help fill space in our Arnprior location and the acquisition fits within our manufacturing wheel-house. Elmira has been a family run company for over 40 years and the quality and uniqueness of their vintage appliance lines impresses even an experienced Aerospace guy like me."
普萊特里首席執行官戴維·沃森表示:“眾所周知,普萊特里一直在尋找有趣且有利可圖的製造目標。”“當我第一次看到Elmira系列時,我就想起了Victor Kiam和Remington,‘我太喜歡這個產品了,我們買下了這家公司!’Elmira爐具廠業務將有助於填補我們Arnprey位置的空間,這筆收購適合我們的製造輪房。Elmira是一家有40多年曆史的家族企業,他們老式家電系列的質量和獨特性甚至給像我這樣有經驗的航空航天人留下了深刻印象。”
"This has been my baby for many years" said Elmira Stove Works founder, CEO and shareholder Tom Hendrick. "We had number of suitors but the enthusiasm from David and his team convinced us that Elmira is passing into the right hands."
Elmira爐具工廠創始人、首席執行官兼股東湯姆·亨德里克説:“多年來,這一直是我的寶貝。”我們有許多追求者,但大衞和他的團隊的熱情讓我們相信,埃爾米拉正在被正確的人手中。
"David and his companies demonstrated to us that their experience in manufacturing everything from Aerospace to mining domes would allow them to easily move the production lines into their Arnprior location" said Brian Hendrick, departing Elmira Stove Works shareholder and President.
即將離任的Elmira Kave Works股東兼總裁布萊恩·亨德里克説:“大衞和他的公司向我們證明,他們在製造從航空航天到採礦穹頂等各種產品方面的經驗,將使他們能夠輕鬆地將生產線轉移到他們之前的位置。”
Following the closing, Elmira Stove Works will join Plaintree's Electronic Division.
閉幕後,Elmira爐具廠將加入Plaintree的電子部門。
About Elmira Stove Works
關於Elmira爐具工程
Commencing its business in the 1970s, Elmira Stove Works manufactures and sells direct to consumers and through dealers in Canada and the United States high-end antique and retro-styled home kitchen appliances under the brand names "Northstar", "Fireview" and "Antique". Elmira Stove Works is a private company and operates out of facilities located in Elmira, Ontario.
Elmira爐灶工廠成立於20世紀70年代,直接製造和銷售高端古董和復古風格的家用廚房用具,並通過加拿大和美國的經銷商直接向消費者銷售,品牌名稱為“北極星”、“火焰杯”和“古董”。Elmira爐具廠是一傢俬人公司,在位於安大略省埃爾邁拉的設施中運營。
About Plaintree Systems
關於Plaintree系統公司
Plaintree has two diversified product lines consisting of specialty structures and electronics.
普賴恩特里擁有兩條多元化的產品線,包括專業結構和電子產品。
The specialty structures division includes the former Triodetic Group with over 40 years of experience in the design/build manufacture ring of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings and includes Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.
專業結構部門包括前Triodetic Group,在設計/製造鋼、鋁和不鏽鋼特種結構方面擁有40多年的經驗,如商業穹頂、自由形式結構、桶形拱頂、空間框架和工業圓頂覆蓋層,還包括高端定製液壓和氣動閥門和氣缸的設計和製造商Spotton Corporation。
The electronics division includes the legacy Hypernetics and Summit Aerospace USA Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
電子部門包括遺留的Hypernetics和Summit AerSpace USA Inc.業務。Hypernetics成立於1972年,是一家航空電子元件製造商,用於各種應用,包括飛機防滑剎車、飛機儀表指示器、電磁閥、高純閥和永磁交流發電機。頂峯航空航天美國公司為航空航天和國防市場提供高精度加工。我們的工廠包括複雜鑄件和大型環形零件的五軸精密加工,如渦輪和總成護罩以及裝配和壓力密封。頂峯將支持從概念、原型到整個生產過程的需求。
Plaintree's shares are traded under the symbol "NPT". Shareholders and investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at or the Company's website at .
Plaintree的股票交易代碼為“NPT”。股東和投資者可以在CSE的網站上訪問公司信息,並每月獲得公司的全部信息。欲瞭解有關Plaintree的更多信息或接收股票報價,包括交易摘要、出價規模和要價、經紀公司參與情況、內幕報告、新聞稿、披露信息以及CSE和SEDAR備案文件,請訪問CSE網站或公司網站。
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
Plaintree在加拿大的CSE(NPT)上市,擁有12,925,253股普通股和18,325股A類優先股。
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2019 and related management discussion and analysis.
本新聞稿可能包括基於當前預期的前瞻性陳述。該公司的實際結果可能與目前的預期大不相同。該公司的業務受到許多風險和不確定因素的影響,包括公司產品市場的變化、產品開發和引入製造的延遲以及激烈的競爭。有關與公司業務相關的風險和不確定性的更詳細討論,請參閲公司提交給加拿大監管機構的文件,包括公司截至2019年3月31日的財年報告以及相關管理層討論和分析。
Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
加拿大證券交易所沒有對本新聞稿內容的充分性或準確性進行審查,也不承擔任何責任。
For further information: Lynn Saunders, Chief Financial Officer - (613) 623-3434 x2223
欲瞭解更多信息,請聯繫:首席財務官林恩·桑德斯,電話:(613)623-3434 x2223
SOURCE: Plaintree Systems Inc.
資料來源:普萊特里系統公司