Solid State Regulatory News (SOLI)

5 Nov 2007 15:48

Solid State PLC05 November 2007 Solid State plc (the "Group") Acquisition of RZ Pressure Instruments Supply SARL The Board of Solid State plc ("Solid State") is pleased to announce that it hasacquired the entire issued share capital of Geneva, Switzerland, based RZPressure Instruments Supply SARL ("RZ") for an initial consideration of£450,000. A further payment will be made based on any increase in value of netassets at completion, expected to occur in December 2007, from the value of thenet assets at 31 December 2005 of £211,690 (the "Acquisition"). The initialconsideration is being satisfied in cash and is being financed from the Group'sown resources and the Directors estimate that the net assets adjustment atcompletion will be approximately £50,000. RZ is a leading European battery pack manufacturer serving principally the oil &gas industry. The addition of RZ to our Steatite battery pack business willmake us the largest supplier in Europe of Electrochem products and strengthensour international customer base in the oil & gas market. Since the acquisition of Steatite Limited in 2002 our strategy has been todevelop our core businesses in batteries, components and computing. Theaddition of industrial computer supplier Wordsworth Technology Limited in 2005and now RZ helps us further this strategy. We continue to seek furtheracquisitions in components to enhance our core Solid State Supplies Limitedcomponent business. The audited accounts of RZ, as at 31 December 2006, show that the companyreported profits before tax of £42,843, on turnover of £696,913 (Based on anexchange rate of £1=CHF2.40, as at 2 November 2007). The net assets of RZ as at31 December 2006 were £243,518. Based on management accounts, trading at RZduring the current financial year has been ahead of the same period last year. The Board is also pleased to report that the Group's existing businesses aretrading satisfactorily and that the interim results for the six months ended 30September 2007 will be released in December. 5 November 2007 Further enquiries: Gary MarshGroup Managing DirectorSolid State plc01892 836 836 Philip DaviesCharles Stanley SecuritiesNominated Adviser020 7739 8200 This information is provided by RNS The company news service from the London Stock Exchange