Extreme CCTV acquires Forward Vision CCTV

SSN Staff  - 
Thursday, July 20, 2006

VANCOUVER, British Columbia--Extreme CCTV, a manufacturer of active-infrared surveillance equipment, announced on Tuesday an intent to acquire the United Kingdom-based Forward Vision CCTV, for the equivalent of roughly $8.8 million.
Forward Vision designs, develops and manufactures intelligent mechanical pan/tilt/zoom cameras. The flagship product is the company's Mic1-400, sold mainly in the United Kingdom for city surveillance and transportation applications.
The intent, according to a press release, is to merge Extreme's active-infrared night vision with Forward Vision's PTZ mechanical control, creating what the company feels would be a unique set of surveillance capabilities.
Broken down, Extreme will purchase all outstanding shares of Forward Vision for $.3.8 million in cash, $2.7 million in non-interest bearing notes, and $2.3 million in Extreme shares, based on a July 17 closing price of $2.52.