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Allied Motion Announces Acquisition of Agile Systems Inc.

^{Published on 2010-06-04 12:25:34 - Market Wire}
 

DENVER--([ BUSINESS WIRE ])--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it has completed the purchase of Agile Systems Inc. (Agile), a privately owned Canadian corporation. Allied purchased the shares of Agile and the purchase price was paid in cash at closing. Agile was founded in 1994 and is a leader in the design and development of advanced motion control technology including integrated power electronics, digital controls and network communications for motor control and power conversion. Agile, based in Waterloo, Ontario, Canada, has established customers in a range of industries and is expected to realize annual revenues approaching $3.0 million in 2010 and to be accretive to Allied Motiona™s 2010 results.

"We are excited about the technology, the intellectual property, the products and the skilled personnel that Agile brings to Allied Motion"

aWe are excited about the technology, the intellectual property, the products and the skilled personnel that Agile brings to Allied Motion,a commented Dick Warzala, President and CEO of Allied Motion. aIn addition to Agile meeting the requirements of our Strategic Profile, Agile and Allied Motion share several customers in common where Allied sells motors and Agile sells controls, and now the combination of the two will allow us to provide our customers with a more complete motion system solution. The acquisition also reflects our confidence in the growth potential of the Canadian market and will provide us with a location in Canada to better service and support our customers in the region. The Agile team will work closely with our Controls Engineering team in the U.S. to design and develop electronic motion solutions that 'Raise the Bar' and provide added value for our customers. The integration process of the two companies will begin immediately and will be supported by Allieda™s One Team Sales Force to leverage the products across our customer base to provide revenue growth in the future.a

Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.

The statements in this press release that relate to future plans, events or performance are aforward-looking statementsa within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the word abelieve,a aanticipate,a aexpect,a aproject,a aintend,a awill continue,a awill likely result,a ashoulda or words or phrases of similar meaning. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include those associated with the present economic recession in the North America and throughout Europe, general business and economic conditions in the Companya™s motion markets, introduction of new technologies, products and competitors, the ability to protect the Companya™s intellectual property, the ability of the Company to sustain, manage or forecast its growth and product acceptance, success of new corporation strategies and implementation of defined critical issues designed for growth and improvement in profits, the continued success of the Companya™s customers to allow the Company to realize revenues from its order backlog and to support the Companya™s expected delivery schedules, the continued viability of the Companya™s customers and their ability to adapt to changing technology and product demand, the loss of significant customers or enforceability of the Companya™s contracts in connection with a merger, acquisition, disposition, bankruptcy, or otherwise, the ability of the Company to meet the technical specifications of its customers, the continued availability of parts and components, increased competition and changes in competitor responses to the Companya™s products and services, changes in government regulations, availability of financing, the ability of the Companya™s lenders and financial institutions to provide additional funds if needed for operations or the ability of the Company to obtain alternate financing if present sources of financing are terminated, the ability to attract and retain qualified personnel who can design new applications and products for the motion industry. The Companya™s ability to compete in this market depends upon its capacity to anticipate the need for new products, and to continue to design and market those products to meet customersa™ needs in a competitive world. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.