|By PR Newswire||
|February 5, 2014 06:37 PM EST||
Merger signals industry consolidation for radio, datacasting, and digital signage solutions
JOHNS CREEK, GA, Feb. 5, 2014 /PRNewswire/ - Wegener Corporation (OTC Pink: WGNR), a provider of products for television, audio and data distribution networks worldwide, today announced that it will be acquired by Novra Technologies, Inc. in an all stock transaction. This transaction is subject to Novra's due diligence, the approval of Wegener Corporation shareholders, and other terms and conditions. Wegener Corporation previously announced that the Board of Directors had unanimously approved a Term Sheet for the acquisition. Novra Technologies, Inc. will also acquire privately held Westport Research Associates, Inc. of Raytown, MO.
"This acquisition represents an exciting improvement for Wegener Corporation and its customers. There are product synergies with very little overlap that strengthen and broaden the offerings of the combined companies," stated Troy Woodbury, President and CEO of Wegener Corporation. "Being part of the combined companies will improve Wegener Corporation's financial stability while strengthening the company's management in all aspects of its operations including sales and marketing, engineering, and production.
"Joining this new organization represents the end of a difficult financial period for Wegener Corporation and will renew the confidence of our customers, shareholders, employees, and our creditors," continued Mr. Woodbury. "We are working on major projects in Latin America and we believe real progress will be made in the domestic digital signage market during fiscal 2014. Strong improvements have been made in channel partners and digital signage product capability. We are encouraged by the opportunities in the future."
"The product portfolio of the combined companies will provide a powerful suite of capabilities for large-scale networks in radio broadcasting, business music, broadcast video, digital signage and IP-TV," stated Harris Liontas, President and CEO of Novra Technologies, Inc. "Wegener Corporation and Westport Research Associates, Inc. are not just simple acquisitions but a merger allowing for the creation of a solutions-based provider that will offer clients a broader scope of reliable products and services, strong network control systems, creative solutions to network communication issues, deeper access to engineering services and reliable cost effective end-to-end solutions."
"Representing the first step in Novra Technologies' strategic vision to combine companies with strong product line, broad install base and operational synergies, these acquisitions are expected to be completed in the first or second quarter of 2014."
About Novra Technologies, Inc.
Novra Technologies offers premium products and solutions to the datacasting and digital signage markets. Novra specializes in the transmission and reception of IP traffic over satellite, cable and terrestrial communication links. Products offered include broadband receivers for DVB-S, DVB-S2, DVB-C, and ATSC systems. Novra's IPE encapsulator products can be used in both DVB and ATSC MPEG2 systems for datacasting as well as broadband access applications. The NovraLink digital signage solution integrates Novra's technologies into a comprehensive multimedia management and distribution system.
Based in Winnipeg, Manitoba, Canada, Novra Technologies, Inc. is listed on the TSX Venture Exchange under the symbol NVI.V. For detailed trading information select TSX:NVI.V
About Westport Research Associates, Inc.
Westport Research is privately held and provides custom and innovative solutions to move and manage media assets for background music, digital signage, weather, broadcast radio, and movie theaters.
WEGENER® (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (OTC Pink: WGNR), is an international provider of digital video and audio solutions for broadcast television, radio, telco, private and cable networks. With over 30 years experience in optimizing point-to-multipoint multimedia distribution over satellite, fiber, and IP networks, WEGENER offers a comprehensive product line that handles the scheduling, management and delivery of media rich content to multiple devices, including video screens, computers and audio devices. WEGENER focuses on long- and short-term strategies for bandwidth savings, dynamic advertising, live events and affiliate management.
WEGENER's product line includes: iPump® media servers for file-based and live broadcasts; COMPEL® Network Control and COMPEL® Conditional Access for dynamic command, monitoring and addressing of multi-site video, audio, and data networks; and the Unity® satellite media receivers for live radio and video broadcasts. Applications served include: digital signage, linear and file-based TV distribution, linear and file-based radio distribution, Nielsen rating information, broadcast news distribution, business music distribution, corporate communications, video and audio simulcasts.
WEGENER® can be reached at (770) 814-4000 or at www.wegener.com.
WEGENER, COMPEL, COMPEL CONTROL, iPUMP, MEDIAPLAN, UNITY, ASSURED FILE DELIVERY, PROSWITCH, VIDATA, the stylized W-design logo (for WEGENER®), and the stylized C-design logo (for Compel®) are all registered trademarks of WEGENER®. All Rights Reserved.
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, and the Company intends that such forward-looking statements are subject to the safe harbors created thereby. Forward-looking statements may be identified by words such as "believes," "expects," "projects," "plans," "anticipates," and similar expressions, and include, for example, statements relating to expectations regarding future sales, income and cash flows. Forward-looking statements are based upon the Company's current expectations and assumptions, which are subject to a number of risks and uncertainties including, but not limited to: customer acceptance and effectiveness of recently introduced products, development of additional business for the Company's digital video and audio transmission product lines, effectiveness of the sales organization, the successful development and introduction of new products in the future, delays in the conversion by private and broadcast networks to next generation digital broadcast equipment, acceptance by various networks of standards for digital broadcasting, the Company's liquidity position and capital resources, general market conditions which may not improve during fiscal year 2014 and beyond, and success of the Company's research and development efforts aimed at developing new products. Discussion of these and other risks and uncertainties are provided in detail in the Company's periodic reports. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. Forward-looking statements speak only as of the date the statement was made. The Company does not undertake any obligation to update any forward-looking statements.
SOURCE WEGENER CORPORATION