Photon Control Updates Micronor Asset Acquisition
- Builds on strategy to broaden and diversify Photon Control into multiple sectors and customers.
- Expands addressable market through the addition of new products.
Vancouver, BC, May 20, 2020 – Photon Control Inc. (“Photon Control” or the “Company”) (TSX: PHO), a leading developer and supplier of optical measurement technologies and systems, is pleased to provide an update on the acquisition of Micronor Inc’s. (“Micronor”) assets, described below, which was completed on April 3, 2020 for cash consideration of CA$844,000. This accretive acquisition increases the Company’s product offering and expands its addressable market beyond the semiconductor capital equipment market.
The acquisition of Micronor’s assets includes but is not limited to:
- All intellectual property, including trademarks and two patents associated with their product lines
- 2019 Revenues of US$1.4 million
- Approximately US$250,000 in inventory
- A fully equipped leased manufacturing facility in Camarillo, CA providing greater business continuity and flexibility
Founder and Chief Engineer Robert Rickenbach will be joining Photon Control with over 40 years of industry experience. Mr. Rickenbach was recently awarded “2020 Engineer of the Year” by the IEEE Buenaventura Section in recognition of his innovations and contributions to fiber optic testing and sensing technology.
“The acquisition of Micronor, accelerates our growth strategy of broadening our product and intellectual property portfolio and selling into new markets,” said Nigel Hunton, Chief Executive Officer. “We welcome Micronor’s co-founders, Robert Rickenbach and Dennis Horwitz, with their decades of technology development experience to Photon Control. We see many synergies in our highly complementary technologies, products and shared core competencies that will benefit our semiconductor and other high-technology customers and increase long-term shareholder value.”
Photon Control’s growth strategy is to continue to build not only on its existing relationships with the semi conductor industry but also outside of it. Nigel Hunton added “It is important that we never lose focus on our core and key customers in the semi conductor industry but there is a great opportunity to use our temperature and position sensors in other industries including but not limited to medical devices and flat panel. We will look to continue to invest in our technologies and products to grow our offerings and utilize our cash position (March 31, 2020 – CA$41 million) to seek out further accretive and synergistic transactions.”
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors and systems to measure temperature and position. These products improve performance and enable innovation for our customers and are used in the semiconductor and other high-technology industries. Photon Control Inc.’s high-quality products provide industry-leading accuracy, reliability and quality in the most extreme conditions and are backed by a team of experts providing a variety of on-site and remote services including custom design, installation, training and support. The Company is headquartered in an ISO 9001:2015 manufacturing facility in Vancouver, BC, has sales and engineering offices in California and a sales distribution network across the globe. Photon Control Inc. is listed on TSX, trading under the symbol ‘’PHO.” Additional information about the company can be found at https://www.photoncontrol.com/investors/
Micronor, which was founded in 2003, develops and manufactures fiber optic kinetic sensors out of an ISO 9001:2015 certified facility in Camarillo, California. Based on an innovative and patented technology, these sensors accurately measure rotary and linear position while maintaining immunity from lightning, radiation and magnetic fields. This enables customers in the industrial, medical, transportation, aerospace and infrastructure markets to accurately control and monitor their critical devices in hostile environments. Photon Control also acquired their website and further details are available at https://micronor.com/
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