Xp Power Regulatory News (XPP)

27 Mar 2006 17:12

27 March 2006 XP Power plc ("XP" or "the Group") Acquisition of Mieltec SRL XP, one of the world's leading providers of power supply solutions to theelectronics industry, announces the acquisition of a further 45% of the issuedshare capital of Mieltec SRL ("Mieltec") for a consideration of ¢â€š¬44,991 incash. This brings XP's total holding in Mieltec up to 80%.Mieltec is a small specialist distributor of electronic power supplies servingthe Italian market and is XP's exclusive distributor in that territory.For the year ended 31 December 2005, Mieltec had an unaudited loss after tax of¢â€š¬69,355 and net liabilities of ¢â€š¬39,831. XP do not expect to make any fair valueadjustments to the net liabilities acquired.A capital contribution of ¢â€š¬75,000 was made to the company at the date ofacquisition. XP contributed ¢â€š¬26,250 of this amount.The Directors of XP believe that the acquisition of Mieltec gives XP thepresence it requires in Italy which makes up over 10% of the European marketfor electronic power supplies. XP has been working with Mieltec for over twoyears and this is a natural progression of our relationship. Mieltec's namewill be changed to Mieltec XP Power SRL. - Ends - Enquiries:XP Power plc 0118 984 5515 Larry Tracey, Executive Chairman James Peters, Deputy Chairman Duncan Penny, Chief Executive Officer Weber Shandwick Square Mile 020 7067 0700 Nick Dibden Notes to editors:XP Power plc provides power supply solutions to the electronics industry.All electronic equipment needs a power supply. Power supplies convert theincoming AC supply into various levels of DC voltages to drive electroniccomponents and sub-assemblies within the end user's equipment. XP Powersegments its business into Communications, Defence and Avionics, Industrial andMedical. By servicing these markets XP Power provides investors with access totechnology and industrial sectors of the North American and Europeanelectronics market.The market is highly fragmented and made up of a large number of small tomedium sized Original Equipment Manufacturers who source standard and modifiedstandard power supplies from several hundred power supply companies.For further information, please visit www.xppower.comENDXP POWER PLC