Global ePoint to acquire Tops Digital
CITY OF INDUSTRY, Calif.--Global ePoint, a manufacturer of digital video surveillance solutions, has agreed to acquire Tops Digital Security, a provider of high-end enterprise surveillance systems based in Ontario, Calif. Tops will receive 625,000 shares of Global stock, valued at $4 per share, for a total purchase price of $2.5 million. Tops has the potential to earn additional shares by meeting earning goals. Currently, Tops projects $8 million in revenues of the next year.
In a statement, Global chief executive officer Toresa Lou said the Tops customer base, which includes a high-profile art museum and amusement park, "represents a key element in our plan to develop a complete line of secured network digital video technology and products for growing vertical markets in the electronic security industry."