by Armando Duke
Laptop Battery FARO Tech moved deeper into the 3-D market Tuesday, announcing the acquisition of Germany-based iQvolution, manufacturers of three-dimensional laser scanning products.
Being the "Silicon Valley of the North", tech companies such as IBM, Sun Microsystems and Compaq.
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According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
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Laptop Computers March 29, 2005 (AXcess News) Lake Mary FL - FARO Technologies, Inc. (Nasdaq: FARO) moved deeper into the 3-D market Tuesday, announcing the acquisition of Germany-based iQvolution, manufacturers of three-dimensional laser scanning products.Simon Raab, FARO's CEO, was quoted as saying, "This acquisition represents FARO's first step in expanding beyond the computer-aided manufacturing measurement market to the broader computer-aided measurement market where the world of three-dimensional measurement opportunities expands significantly."
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Laptop Computer The deal calls for FARO to pay $12 million for iQvolution, 67% in stock and 33% in cash. All of the cash and half of the shares are being paid at closing. Of interest was the balance of the shares to be issued. Raab's company is escrowing the shares which will be doled out over a five-year period based on the company's performance. FARO said that iQvolution would generate $7.5 million in sales this year. Though FARO did not disclose iQvolution's performance legs in their Tuesday announcement.
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Desktop Computer "Similar to our acquisition of SMX in 2002, we expect that the combination of iQvolution's technology and FARO's financial backing and worldwide sales and marketing organization will create a much bigger player in this market than iQvolution could on its own," said Jay Freeland, President & COO of FARO. "We anticipate that this acquisition could dilute our 2005 earnings by up to $0.02 per share, but with the effectiveness of our sales network and anticipated manufacturing and administrative synergies, we believe that the acquisition could be accretive by the end of 2005."While FARO admittedly said its earnings would take a hit this year, they were optimistic about the acquisition itself. Though investors seemed to yawn on the news.Shares of FARO closed down 2 cents Tuesday to end the session on the NASDAQ at $23.00 with 170,334 shares changing hands. FARO's 52-week hi was $31.99, which it reached in late December, 2004.
Notebooks Investors might want to have a cup of coffee and wake up to this stock's potential, assuming Freeland's comments about the acquisition being accretive by the end of 2005 are on the mark. Certainly iQvolution must believe in the business combination to have accepted a five-year performance based deal.
Lenovo This company might be one to keep an eye on.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. joining now.
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