PENNSAUKEN, N.J., Aug. 5, 2014 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (Nasdaq:RCMT) announced today the acquisition of Point Comm Inc., a Toronto, Ontario, Canada based engineering company specializing in the design, installation, supervision and commissioning of high voltage electrical equipment in substations and power plants. RCM expects the purchase of Point Comm to complement and expand RCM's Engineering Services Offerings and provide customers with a stronger depth of experienced engineering resources.
"We are very pleased to welcome Point Comm into the RCM family," commented Rocco Campanelli, President and CEO of RCM. "We believe this acquisition will competitively strengthen RCM as a premier single-source provider of engineering and technology solutions, having a strong customer focus and offering an integrated suite of services. We plan to couple the latest design tools and software with a talented and motivated team, including Point Comm's senior engineers with over 20 years of experience in design, engineering and commissioning."
Point Comm provides comprehensive design and engineering of substations at any voltage level, system studies, 3D implementation, site commissioning, project management, consulting and site management. With approximately fifteen employees in Canada and teaming arrangements with subcontractors in Europe and India, the acquisition brings RCM an even bigger global footprint in the engineering arena. Point Comm's 2014 revenues, on an annualized basis through July 31, were approximately $1.9 million.
The RCM engineering division's core business mission is to continue its strategic transformation designed to focus on providing our customers complete engineering, procurement and construction (EPC) solutions. In acquiring Point Comm, RCM has added a foundational technology layer to its already strong and diverse engineering group, whose role significantly expands RCM's architecture and civil/structural capability in addition to providing a very formidable mechanical, electrical and instrumentation and control capability.
Campanelli said, "Across North America utilities are investing billions of dollars to improve reliability and upgrade the transmission and distribution system. As demonstrated through this acquisition we are implementing our strategy to expand our footprint and T&D capabilities to address those growing needs."
Predrag Stojkovic, President of Point Comm said: "By joining RCM, we gain strong leadership, vast experience, rapid scalability and international delivery that will help us meet client needs. RCM will allow us to distinguish ourselves as a leader in the engineering marketplace."
About RCM
RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also aprovider of specialty healthcare services to major health care institutions and educational facilities. RCM's offices are located in major metropolitan centers throughout North America. Additional information can be found at www.rcmt.com.
The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," "believe," "plan," "seek," "could," "can," "should" or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to the impact on RCM's business of the Point Comm acquisition, demand for the Company's services, expected demand for our services and expectations regarding our revenues, the Company's ability to continue to utilize goodwill, to continue to increase gross margins, to achieve and manage growth, to develop and market new applications and services, risks relating to the acquisition and integration of acquired businesses, the ability of the Company to consummate acquisitions as to which it executes non-binding letters of intent, demand for new services and applications, timing of demand for services, industry strength and competition, initiatives to enhance stockholder value and general economic factors. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company's actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law.