VANCOUVER, British Columbia, June 13, 2007 (PRIME NEWSWIRE) -- Moventis Capital, Inc. (OTCBB:MVTS), an acquisition and management company that acquires small and medium-sized private enterprises (SMEs) and provides resources and management to promote growth and enhance valuation, announces that its portfolio company, PTL Electronics, Ltd. (PTL), has invested US$1.1 million in additional equipment and will open a new manufacturing facility in order to expand current electronics manufacturing capabilities and meet growing customer demands.
The new facility will increase manufacturing space by 100% and the investment in new equipment is expected to increase capacity by 150%. With the addition of new equipment utilizing state-of-the art Siemens Surface Mount Technology (SMT), PTL will now run four high-speed SMT lines, including a single line dedicated to customer prototypes.
Paul Heathcote, PTL co-CEO and chief operating officer, remarked, "In 2006, revenues grew 76% and we continue to be selected as the manufacturing partner of choice for an increasing number of original equipment manufacturers. This facility expansion and new equipment investment will allow us to meet the increasing needs of current and new customers and support their plans for growth."
The opening of the new PTL facility, which is close to the current location, is planned for August 2007 and will include a dedicated area for full box-build assembly. To ensure a seamless transition to the new facility with no disruption to current customer orders, PTL will operate in both locations simultaneously for a period of two months, after which time all operations will switch to the new facility.
Explained Heathcote, "With the new lines, expanded capacity and addition of a dedicated infrastructure for prototypes and full box-build assembly, PTL will be able to significantly increase production rates and handle larger and more complex projects."
Moventis chief executive officer Blake Ponuick commented, "This investment in PTL reiterates our strategy to acquire successful small and medium sized enterprises and add resources to enhance growth. We will continue to support PTL's growth and provide updates to our shareholders with respect to the performance of PTL and future portfolio companies."
Moventis recently announced more than a US$5 million backlog in PTL purchase orders scheduled for the current fiscal quarter ending June 30, 2007. This builds on PTL's results for its fiscal year ended March 31, 2007 with highlights including revenue growth of 76% to CDN$17,971,051 (US$15,782,077), EBITDA growth of 49% to CDN$1,927,395 (US$1,692,628) and net income growth of 71% to CDN$1,155,300 (US$1,014,578).
About PTL Electronics, Ltd.
PTL Electronics, Ltd. (PTL), a Moventis portfolio company, provides electronics manufacturing services (EMS) to a niche market of businesses looking to design and produce very high-end and complex products ranging from ultrasound machines to alternative fuel cells. PTL operates in the $115 billion EMS sector and serves some of the world's largest markets including industrial controls, medical services, telecommunications and computing. For more information on PTL, visit www.ptlelectronics.com.
About Moventis Capital, Inc.
Moventis Capital, a Delaware corporation, is a publicly traded acquisition and growth management company that seeks to acquire quality, established small and medium-sized enterprises (SMEs) and provide resources and management to improve growth and enhance valuations. Moventis intends to capitalize on an underserved market of successful SMEs, primarily privately held, that do not meet the size or industry requirements of many acquisition and investment firms. For more information, visit www.moventiscapital.com.
Safe Harbor
Statements included in this news release, which are not historical in nature, are intended to be, and are hereby identified as "Forward-Looking Statements" for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including without limitation the ability of Moventis (or any other company mentioned in this release) to consummate acquisitions, obtain necessary financing and successfully grow operations, revenue and profitability. The PTL purchase orders mentioned in this release represent orders from customers for currently scheduled manufacturing services. The actual dates of completion or when and how much revenue is booked may vary based on a number of factors affecting normal business operations, including changing customer needs and requirements. There can be no assurance that bookings will convert to revenue, or that PTL will be able to increase capacity to fulfill orders in a timely fashion. Forward-Looking Statements may be identified by words including "outlook," "anticipate," "await," envision," "foresee," "aim at," "plans," "believe," "intends," "estimates," "expects" and "projects" including, without limitation, those relating to the company's financial expectations and future business prospects. Readers are directed to the Moventis filings with the U.S. Securities and Exchange Commission, including its Risk Factors described in its Annual Report on Form 10-KSB for the fiscal year ended June 30, 2006, and its quarterly reports on Form 10-QSB; other risks or uncertainties may be detailed from time to time in future SEC filings for additional information and a presentation of the risks and uncertainties that may affect the company's business and results of operations. Any financial guidance provided in this news release is based on limited information available to Moventis at this time and is subject to change. Although management's expectations may change after the date of this news release, Moventis undertakes no obligation to revise or update this guidance or publicly release the results of any revision to these forward-looking statements.