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Lionax: LIONAX Signs an Acquisition Agreement With Guanhua Cyber Solutions
Paris, November 28 (ots/PRNewswire) - LIONAX announces today that it signed an Acquisition Term Sheet with Guanhua Cyber Solutions Co., Ltd. (GCS) to acquire 51% of GCS's total share holding. GCS is the dominant solution designer and provider of Passenger Information System for Public Transportation System including Metro, Hi-Speed Railway Stations, Light Rail, Bus Station, etc., with 80% market share in China. GCS's 2007 revenue is expected to be EUR4.5 million and net profit EUR2 million.
Public transportation is a high growth industry in China. In addition to metropolitans in Beijing, Shanghai and Guangzhou, dozens more Chinese cities plan to build new public transportation systems. In 2005, there were more than 100 cities in China with a population over 1 million. The number is increasing rapidly as China moves quickly in its urbanization process. At the same time, most cities' public transportation systems are planned to be rebuilt or upgraded. GCS revenue and net profit both grew 5 fold in the past three years and expect to grow another 3 to 4 fold in the next three years.
Public transportation is an important area of application for LIONAX's TPMS product and MEMS sensors. James Yang, LIONAX Chairman and CEO says: "The acquisition of GCS is a key strategic move by LIONAX to enter new TPMS market segment, as well as prepare for our promising MEMS sensor business. We will be able to leverage GCS's strong network and reputation in the public transportation industry. I am very confident that this acquisition will bring excellent return for LIONAX investors." Tao Wu, GCS CEO comments: "We are very proud to join LIONAX, the first Chinese company listed on Euronext. GCS is in a fast growing industry and believes that the international management team of LIONAX will add tremendous value to our development. It is also exciting to have exposure to investors from Europe."
The term sheet indicates the purchase price as EUR7,659,000 Euros, with final adjustment for audited 2007 financial results. LIONAX will have rights to appoint 3 members in the 5 person GCS board.
LIONAX will be meeting institutional investors in Europe in December 2007 and January 2008 to finance this deal.
The Company, listed on the Paris stock exchange, designs and develops innovative Tire Pressure Monitoring System (TPMS) and digital pressure sensor for automotive industry. LIONAX's products help its customers to enhance safety, save money and meet regulatory requirements affordably. LIONAX makes this possible through technology innovation, manufacturing excellence, research leadership and best-in-class team of scientists, engineers and management based in China and the USA.
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