GREY:CCZFF - Post by User
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Techsavyon Nov 08, 2010 9:07am
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CCZ Update
CCZ Update09:01 EST Monday, November 08, 2010
CALGARY, ALBERTA--(Marketwire - Nov. 8, 2010) -CriticalControl Solutions Corp. (TSX:CCZ) ("CriticalControl") todayannounced that it has closed the previously announced acquisition of the assetsof TSM, Ltd. of Girard, Ohio ("TSM") for $1.9 Million through its wholly ownedUnited States subsidiary, CriticalControl, Inc. TSM currently operates as TriState Measurement and is a leading provider of gas measurement services,including the integration of gas charts, in Ohio.
Based on TSM management prepared financial statements, TSM generated revenueof $2.2 Million and earnings before interest, taxes, depreciation andamortization of
.6 Million in 2009. $1.35 Million of the purchase price waspaid at closing with the remaining
.55 Million payable on November 5, 2011. Inaddition to the purchase price, CriticalControl acquired certain inventory andaccounts receivable of TSM, net of certain assumed liabilities for
.45Million, subject to final adjustment within 45 days.
Effective immediately, the business of Tri State Measurement will beconducted by CriticalControl's operating subsidiary TSM Analytical Services,Inc.