HAYWARD, Calif., Feb. 24, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Valdor Technology International Inc. ("Valdor") (TSX-V:VTI) (OTC:VTIFF) is pleased to report that Valdor has received approvals from the TSX-V for the acquisition of the business and all the assets of VideoWare, Inc. ("VideoWare"), a wholly owned subsidiary of ViewCast.com, Inc. ("ViewCast"), located in Grapevine, Texas. VideoWare has been in business for eight years and revenue for the calendar year ending, December 2013, was in excess of $1,800,000.00.
Valdor acquires the business and assets of VideoWare with payment of $500,000 following receipt of TSX-V approval. An additional payment of $600,000 is secured by a promissory note to be paid by March 21, 2014. A 7% royalty on gross sales from the VideoWare business will be paid to ViewCast over a five year period, to a maximum of $1,750,000. Valdor is funding the acquisition of the VideoWare business and assets through a combination of debenture and equity financing. (Please see Valdor news release dated January 29, 2014.)
Mr. Elston Johnston, Chairman-of-the-Board/Director, states: "We are acquiring an asset that is in a great business sector and that has industry leading product lines. In addition to a business in its growth mode, we are acquiring a strong, experienced and motivated management team. We are confident we have both the team and product lines to aggressively grow this business. Our new portable GoStream line is in high demand and we are just now beginning to deploy it."
About VideoWare: VideoWare is in the streaming media industry and markets the Niagara and GoStream product lines, internationally. There are four patents associated with these product lines. Streaming video is the future of television and Valdor management believes now is the time to enter this compelling business sector. In addition to the price versus value argument supporting Valdor making this acquisition: 1) the streaming video industry is converting to fiber optics; 2) the VideoWare customers are a market for fiber optic components, unrelated to their video streaming and; 3) VideoWare management, that are part of the acquisition, has significant experience and contacts in the fiber optics industry.
About the Fiber Optics Industry: Fiber optics is the future of communications. The signal transmission business is in the early stages of a fiber optics bull market. Signal transmission in its many and various forms is being converted from electrical to fiber optics. A comprehensive report by Global Industry Analysts Inc., on the fiber optic components market, projects that the fiber optics market will reach US$42 billion by the year 2017.
About Valdor Technology International Inc. (www.valdortech.com): Valdor is a high technology fiber optic components company specializing in the design, manufacture and sale of fiber optic splitters, connectors, laser pigtails and other optical and optoelectronic components, including some that use the Valdor proprietary and patented Impact MountTM technology. Valdor specializes in harsh environment products and in particular splitters and connectors. The Valdor business plan incorporates growth by acquisition. For further information on Valdor's product lines please visit www.valdor.com.
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| ON BEHALF OF THE BOARD OF DIRECTORS OF | |
| VALDOR TECHNOLOGY INTERNATIONAL INC. | |
| California Operations | Canadian Office |
| 3116 Diablo Avenue | 450 - 789 W. Pender Street |
| Hayward, CA 94545 | Vancouver, BC V6C 1H2 |
| Telephone: (510) 293-1212 | Telephone: (604) 687-3775 |
| Fax: (510) 293-9997 | Fax: (604) 689-7654 |
| Email: info@valdor.com | Email: bfindlay@valdor.com |