Mar 17 2010
Emission & Power Solutions (EPS) has entered into an agreement to purchase a leading clean tech company in California, Extengine Systems, in an all stock deal. The value of the transaction is approximately US $10 million. The company is expecting to receive approval from shareholders and close the acquisition in April 2010. The management from Extengine Systems will be joining the combined company, which will operate as EPS.
Erik Ulsteen, Chairman of EPS, stated that the combined company will be a global clean technology company with an objective to achieve sustainable growth and success. Benefits for the combined company includes an impressive research and development pipeline, a wider patented product portfolio, a larger presence in important markets. The efficiencies that the combined company will gain will enable it to develop strategic opportunities, while adding value for shareholders, Ulsteen said.
President of Extengine, Richard Carlson, said the employees of company are delighted to join EPS. The company is strategically placed to take advantage of the emerging green business opportunities. The combined company will have a global reach since EPS, based in the UK, has access to markets in Europe and Extengine Systems has access to US and Asian markets, Carlson said.
Source: www.extengine.com