Wegener Corp., a provider of products for television, audio and data distribution networks, announced that it will be acquired by Novra Technologies, Inc. in an all stock transaction.
In a release dated Feb. 5, the Company said this transaction is subject to Novra's due diligence, the approval of Wegener Corp. shareholders, and other terms and conditions.
Wegener Corp. previously announced that the Board of Directors had unanimously approved a Term Sheet for the acquisition. Novra Technologies, Inc. will also acquire Westport Research Associates, Inc. of
"This acquisition represents an exciting improvement for Wegener Corp. and its customers. There are product synergies with very little overlap that strengthen and broaden the offerings of the combined companies," said Troy Woodbury, President and CEO of Wegener Corp. "Being part of the combined companies will improve Wegener Corp.'s financial stability while strengthening the company's management in all aspects of its operations including sales and marketing, engineering, and production.
"Joining this new organization represents the end of a difficult financial period for Wegener Corp. and will renew the confidence of our customers, shareholders, employees, and our creditors. We are working on major projects in Latin America and we believe real progress will be made in the domestic digital signage market during fiscal 2014. Strong improvements have been made in channel partners and digital signage product capability. We are encouraged by the opportunities in the future."
"The product portfolio of the combined companies will provide a powerful suite of capabilities for large-scale networks in radio broadcasting, business music, broadcast video, digital signage and IP-TV," said Harris Liontas, President and CEO of Novra Technologies, Inc. "Wegener Corp. and Westport Research Associates, Inc. are not just simple acquisitions but a merger allowing for the creation of a solutions-based provider that will offer clients a broader scope of reliable products and services, strong network control systems, creative solutions to network communication issues, deeper access to engineering services and reliable cost effective end-to-end solutions.
"Representing the first step in Novra Technologies' strategic vision to combine companies with strong product line, broad install base and operational synergies, these acquisitions are expected to be completed in the first or second quarter of 2014."
Westport Research provides solutions to move and manage media assets for background music, digital signage, weather, broadcast radio, and movie theaters.
Wegener Communications, Inc., a subsidiary of Wegener Corp., is a provider of digital video and audio solutions.
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