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November 20, 2007 - Measurement Specialties Announces Visyx Acquisition
HAMPTON, Va., Nov. 20 /PRNewswire-FirstCall/ -- MeasurementSpecialties, Inc. (Nasdaq: MEAS ), a global designer and manufacturer of sensors and sensor- based systems, announced today that it has acquired the assets of California- based Visyx Technologies (http://www.visyx.com ). The terms of the transaction were not disclosed.
Based on a unique tuning fork technology originally developed by Psychopathologies, Visyx has developed sensors that can measure fluid properties, including density, viscosity and dielectric constant. This technology will allow OEMs to incorporate fluid property measurement, such as oil condition, in their next generation equipment. Target markets include heavy truck/off road engines and transmissions,compressors/turbines and refrigeration/air conditioning.
Frank Guidone, Company CEO commented, "We are very excited about the addition of this technology to our portfolio. As off road/heavy truck operators and OEMs strive to extend the time between oil changes and manage field warranty claims, oil condition monitoring will become a critical parameter to measure. Visyx has developed the leading technology in this field, and we are very excited about the future potential for MEAS. We believe this application alone could represent over $20 million annually to MEAS by FY12."
Guidone continued "Visyx currently has prototype designs in test at several major engine, compressor and heavy truck manufacturers around the world. Our development efforts will be focused on finalizing the commercial design, positioning ourselves for volume production mid to late 2008. The transaction may have a modest dilutive effect to FY08 earnings, however at this time we are maintaining our full year guidance of $1.25, excluding the effect of the discrete tax event discussed last quarter."
About Measurement Specialties. Measurement Specialties, Inc. (MEAS)designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature,position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies - including piezoresistive, electro-optic,electro-magnetic, capacitive, application specific integrated circuits(ASICs), micro- electromechanical systems (MEMS), piezoelectric polymer sand strain gauges - to engineer sensors that operate precisely and cost effectively.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases "should", "intends"," is subject to", "expects", "will", "continue", "anticipate", "estimated","projected", "may", "we believe", "future prospects", or similar expressions. The forward- looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressure sand the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions;changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.
Company Contact: Mark Thomson, CFO, (757) 766-4224