Circa Announces Acquisition of Teletics
CALGARY, AB, Aug. 10, 2020 /CNW/ - Circa Enterprises Inc. (TSVX: CTO) ("Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, announced today that it has entered into a definitive agreement to acquire substantially all of the assets of Teletics, Inc. ("Teletics"), a manufacturer and supplier of fully monitored, ruggedized wireless voice devices. The agreement was signed August 7, 2020 and the transaction is expected to be completed on or about August 14, 2020. Upon completion of the acquisition, the business will operate as a separate product line within the Telecom segment of Circa Enterprises Inc.
"The acquisition of Teletics expands Circa's Telecom product offering with wireless communications systems engineered for extreme operating conditions. Teletics' line of rugged wireless equipment complements our existing product line and expands our engineering capabilities," said Cory Tamagi, President and CEO of Circa. Mr. Epp, Executive Vice President added, "The Teletics cloud-based software platform is expected to be integrated with the Guardian product line to add wireless connectivity of its devices and provide remote monitoring with alarm and event notification capabilities to enable Circa to expand into the IoT space."
The cash transaction of approximately $322,000 remains subject to standard closing conditions. Funding for the transaction will be financed from cash on hand and the Company's operating line. The business and operations are expected to be integrated with Circa's facilities in Calgary, Alberta in the third quarter of 2020.
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