FARMINGDALE, N.Y., Aug. 6, 2015 /PRNewswire/ -- Cemtrex (NASDAQ: CETX) announced today that the company has recently entered into a Letter of Intent to purchase a leading US based industrial manufacturing and services company ("Target Company").
Cemtrex's Chief Executive Officer, Saagar Govil, commented, "With this planned transaction, Cemtrex will be acquiring a company that complements our existing business by being able to provide more value to our customers and obtain margin improvement. We see this deal as being highly accretive in nature and driving an immediate impact for shareholders."
The Target Company's average revenues and normalized EBITDA over the last two years was approximately $23 million and $2.4 million respectively.
The parties have initiated a period of exclusivity, which is intended to result in a definitive purchase agreement. Management expects the acquisition to close within 90 days and will provide further updates when appropriate. Due to the confidentiality agreements in place the Company's name and other details have not been disclosed.
About Cemtrex, Inc.
Cemtrex, Inc. (NASDAQ: CETX) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, emission monitors & instruments for industrial processes, and environmental control & air filtration systems for industries & utilities.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These forward looking statements are not a guarantee of future performance. This release may contain Non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions. These risks and uncertainties are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Except as may be required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in this release.
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SOURCE Cemtrex, Inc.