DALSA Corporation (TSX:DSA), an international high performance semiconductor and electronics company, is pleased to announce that the Company has acquired all of the issued and outstanding securities of Coreco Inc. (TSX: CRC) pursuant to the previously announced Plan of Arrangement (the "Arrangement").
Pursuant to the Arrangement, shareholders of Coreco received for each Coreco common share owned, at their election (and subject to pro-ration):
(a) 0.5207 of a DALSA common share;
(b) $10.00 in cash; or
(c) a combination of cash and DALSA common shares.
Upon closing DALSA issued 1.9 million DALSA common shares and paid $35.0 million in cash for 100% of the Coreco common shares. Due to pro-ration, shareholders who elected to receive cash will receive a cash payment of approximately $7.44 cash per share and 0.13 of a DALSA common share for each Coreco common share. Shareholders who did not elect cash or elected share consideration will receive 0.5207 of a DALSA common share for each Coreco common share. The total consideration paid by DALSA was approximately $73.4 million, comprised of $35.0 million in cash and by the issue by DALSA of an aggregate of 1.9 million DALSA common shares.
The Company has appointed Keith Reuben as President of the new DALSA business unit. Mr. Reuben will report to Dr. Savvas Chamberlain, CEO of DALSA Corporation.
"I would like to welcome Keith Reuben, the executive, management and employees of Coreco to DALSA," commented Dr. Chamberlain. "The business opportunities are vast, as we define a new paradigm in the convergence of image capture and image processing technologies. DALSA Corporation has become a significant competitive force in the global digital imaging and machine vision marketplace, which will deliver significant benefits and opportunities for customers, employees and shareholders."
"We are looking forward to being part of the DALSA team," added Mr. Reuben. "Vision technology is merging to meet the high performance and costs demands of the markets. The combination of technologies from CMOS sensors to processing hardware and software positions DALSA as a formidable player moving forward."
After giving effect to the Arrangement, DALSA has approximately 18.6 million common shares outstanding basic and 19.3 million fully diluted.
About DALSA Corporation
DALSA is an international high performance semiconductor and electronics company that designs, develops, manufactures, and markets digital imaging products and solutions, in addition to providing semiconductor products and services. DALSA's core competencies are in specialized integrated circuit and electronics technology, software, and highly engineered semiconductor wafer processing. Products and services include image sensor components; electronic digital cameras; vision processors; image processing software; and semiconductor wafer foundry services for use in MEMS, high-voltage semiconductors, image sensors and mixed-signal CMOS chips. DALSA is listed on the Toronto Stock Exchange under the symbol "DSA". The Company has its corporate offices in Waterloo, ON and over 1000 employees world-wide.
This press release contains forward looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in DALSA's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. DALSA has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Director, Corporate Communications
Tel: (519) 886-6001 Ext. 2177
Fax: (519) 886-3972