LOS ANGELES, Jan. 21, 2004 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT) announced today that it has entered into an agreement to acquire Microline Co. Ltd. (Microline) in a combination stock and cash transaction.
Microline is a Korean company that develops and markets consumer electronics and solutions utilizing RF (Microwave) and wireless technologies. Microline's products include satellite radio solutions, RF modems, advanced radar detectors, signal finders, microwave modules and LNB's (Low Noise Blockdown Converters) for satellite systems.
Microline is a well-established technology leader with solid RF engineering skills, staff and facilities. Microline will bring expertise in satellite radio and advanced radar detection systems technologies to MB Tech. In addition, Microline will act as an R&D center for RF/microwave products. Microline was the antenna supplier (LNA's) for Europe and the Middle East for World Space, which established the satellite radio standard in those regions.
The agreement encompasses the following: Marketing of any and all of Microline's products in North America (including the United States, Canada and Mexico); Development of new products based on RF technology, such as new to market DBS solutions; Establishment of a mutual cooperative relationship for product manufacturing; Financing in domestic and overseas markets for manufacturing and operations.
Hanwook Bae, President of MB Tech commented, "The synergy between MB Tech and Microline is undeniable. This acquisition will allow us to access Microline's strong R&D, while we provide manufacturing and distribution support efforts for their entire line of products." He added, "This acquisition will enhance our paradigm shift into higher margin consumer electronics products and solutions."
MB Tech's shift into the consumer markets is part of an overall strategy developed to position the Company in higher margin businesses, as opposed to its traditional component based business. The Company's paradigm shift, accomplished via its acquisitions strategy, will enable the Company to offer high-performance consumer electronics products that directly integrate with MB Tech's new proprietary line of DBS solutions.
About Microline
Microline Co. Ltd. is a company dedicated to developing and distributing state of the art RF microwave and communications technologies for the consumer market. Microline's products include satellite communications equipment: LNA, LNB, LNB for Flat Ant., Tracking LNB, PLL-LNB, PL-DRO, V-SAT; radio communications equipment: Up/Down-Converter, Repeater; Two Way Radar: Ground Penetrating Radar, Nondestructive Inspection, Vehicle Collision Radar; applications: Radar Detector, RF-Modem, RFID, Broadcasting, Measuring equipment, Tuner, Military equipment, etc.
More information on Microline and the products they develop can be found at: www.e-microline.com
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of electronic components. MB Tech and its subsidiaries produce products for the DBS satellite industry and state of the art RF microwave and communications technologies with consumer and military applications.
MB Tech serves the satellite television market as a provider of hardware and bundled solutions, and is expanding to serve the satellite radio and military hardware and solutions sectors. MB Tech manufactures several proprietary solutions that differentiate it from competitors, including active and non-active auto-tracking (portable and stationary) flat antennas.
MB Tech pioneered advancements like the dual-horn LNB, which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
For more information refer to the company's website at: http://www.mbtech.co.kr
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the Company(s) may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.