PLAINFIELD, Ind., April 28, 2008 (PRIME NEWSWIRE) -- Brightpoint, Inc. (Nasdaq:CELL) ("Brightpoint") announced today that its wholly-owned subsidiary, Brightpoint Great Britain Limited, has acquired the Hugh Symons Group Ltd.'s wireless distribution business. Brightpoint Great Britain Ltd. acquired the assets in exchange for 294,000 Pound Sterling (GBP) (approximately 586,000 USD) and the value of inventory at date of closing. In addition, Brightpoint agreed to contingent cash earn out payments based upon certain operating performance measures which may be payable on the 1st, 2nd and 3rd anniversary of closing. The total earn out payments shall in no event exceed 3.6 million Pound Sterling (GBP) (approximately 7.2 million USD).
Mr. Hugh Roper and other key former members of Hugh Symons Group Ltd.'s wireless distribution business will join Brightpoint Great Britain Ltd. and will continue to be involved with the management and operation of the business.
"The acquisition will strengthen our position in Europe," stated Steen F. Pedersen, President for Brightpoint Europe. "We have been looking for an opportunity to enter the UK market for the past few years. We believe that we have found the right opportunity. Hugh Symons Group Ltd. has been developing the smart phone market in UK, which is an important element of our growth strategy. Additionally, we want Hugh Roper and his team to further expand the business with other Brightpoint models like the customized logistic services model."
"I believe that the ownership of Brightpoint gives us huge opportunities in UK," stated Hugh Roper, Managing Director and sole-shareholder of Hugh Symons Group Ltd. "I am convinced that our UK team together with the knowledge and competences from Brightpoint will be a powerful platform for further development of the business. I am looking forward to develop Brightpoint Great Britain Ltd. into a full-blown value adding distributor and logistic provider."
About Brightpoint
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in the distribution of wireless devices and in providing customized logistic services to the wireless industry. In 2007, Brightpoint handled approximately 83 million wireless devices globally. Brightpoint's innovative services include distribution, channel development, fulfillment, product customization, e-Business solutions, and other outsourced services that integrate seamlessly with its customers. Brightpoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible, and cost effective solutions. The company has approximately 3,300 employees in more than 25 countries. In 2007 Brightpoint generated revenue of $4.3 billion and net income of $47.4 million. Brightpoint provides distribution and customized services to over 25,000 B2B customers worldwide. Additional information about Brightpoint can be found on its website at www.brightpoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents Brightpoint files, from time to time, with the Securities and Exchange Commission; including, Brightpoint's most recent Form 10-K and Exhibit 99.1, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.