MORGAN Hill, Calif., July 23, 2004 (PRIMEZONE) -- Maxus Technology Corporation, (OTCBB:MXUS) a leading provider of eWaste and Asset Recovery solutions, today announced today the completion of its previously announced acquisition of UDT Korea Corporation, a leading provider of specialty eWaste Solutions in the Asian marketplace. UDT Korea, which represents a strategic expansion of Maxus Technology Corporation's global asset management business, will be operated as a standalone business as part of the Maxus Technology eWaste Solutions Group. Terms of the cash transaction were not disclosed. The transaction is to be satisfied through an issuance of Maxus Technology common stock.
Since 1996 UDT KOREA has grown to become one of Asia's leading electronic waste recycler. They supply customers across the globe with high quality new and refurbished components, computer parts and accessories. UDT KOREA is an industry leader in technology destruction services, providing secure and complete destruction of highly sensitive proprietary technology. UDT was founded in 1996 and is privately owned. The company had annual revenues in excess of $2 million USD for its fiscal year ended December 2003.
"We are excited about the synergies between Maxus Technology and UDT Korea," said David Smith, Chief Executive Officer of Maxus Technology Corporation. "This acquisition is consistent with our growth strategy to expand and build out our eWaste and Asset Recovery solutions in the international marketplace. The UDT Korea management team has extensive knowledge in eWaste and Asset Recovery throughout the Pacific Rim. This will be invaluable as we accelerate our efforts to further penetrate global markets with Maxus Technology processes and methodologies," he added.
The UDT Korea acquisition comes on the heels of Maxus's Second Quarter 10Q filing whereby sales of Maxus Technology Global Asset Management Solutions including eWaste and Asset Recovery Solutions were up 56% during the six month period compared to the same six month period of last year. During the quarter, Maxus Technology saw the continued growth in their eWaste Solutions as well as expansion of existing accounts including the recently released Motorola Canada Ltd. cellular phone take back program. It is expected that Maxus Technology Corporation will continue to expand operations both domestic and globally in order to continue to grow revenue.
About Maxus Technology Corporation
Maxus Technology Inc. was founded in 1994 as an asset recovery expert for the telecom industry and was an early pioneer in the pre-owned technology marketplace. In the last 10 years of serving customers worldwide, we have developed in-depth asset recovery and eWaste expertise, extensive supply-and sell-side networks. Maxus has an international sourcing network enabling us to secure in-demand products. Maxus customers have come to rely on us for providing low-cost, high-quality alternatives to new products. In a fragmented market crowded with small, unsophisticated operations, Maxus continues to remain a trusted and respected resource.
Maxus has its executive offices at 18300 Sutter Boulevard, Morgan Hill, CA 95037 and its telephone number is 1.408.782.2005. The company website can be found at www.Maxustech.com.
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