MISSISSAUGA, Ontario, Oct. 10, 2007 (PRIME NEWSWIRE) -- D Mecatronics Inc. (Pink Sheets:DMTN) is pleased to announce that the negotiations continue with the Investment Banking Group and the process is moving forward pending the continued due diligence process by both parties.
At this time the current offer is for a complete purchase of the company for $120 million USD. This offer is being reviewed by the board of directors of both companies.
Given the fact that new market opportunities have just recently been opened to D Mecatronics not only in the automotive industry but also in the Medical Device manufacturing industry, the Board of Directors of D Mecatronics feel that it is very critical to review all opportunities that exist for the company. The medical device industry in the U.S. was estimated in excess of $86 billion in 2006. This does not include the nanotechnology, drug delivery or combination products.
Bernardino Paolucci, CEO of D Mecatronics Inc. adds: "This new market opportunity that has recently been presented to us has changed the dynamics of our company and has opened up several new opportunities for us to pursue new and exciting lines of business that until very recently were not part of our business plan. We are very confident that given these new market opportunities combined with our existing expertise in the automotive industry will allow us to maximize shareholder value and ultimately our shareholders will decide on the final valuation to be put on the company."
About D Mecatronics Inc.: (http://www.dmecatronics.com/)
D Mecatronics Inc. supplies components, integrated systems and robotic modules to the world's top ten automotive suppliers. Through independent subsidiaries the Company offers sector and technology specific solutions to enable our customers to dramatically accelerate time-to-market and revenue.
To date, the Company's primary activities include design, build and installation of tube-related automated systems used by automotive parts and assembly suppliers. The Company is currently offering products such as Seat Frame Systems, IP Tube systems and Integrated Bend-Weld Systems for the automotive industry.
The D Mecatronics Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2180
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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