Richmond's International Technologies Corp. (TSX-V:ITI) plans to acquire a Korean electronics manufacturer MPIO International Co. Ltd. for an undisclosed sum of cash and shares.
The deal will give ITC a foothold in the Asian market and expand its manufacturing, sales and distribution capabilities in the region. ITC will receive exclusive ownership and rights to all of MPIO's manufacturing, branding and worldwide sales.
MPIO was founded in 1998 and was a pioneer in the MP3 industry. It currently provides various digital music players, voice recorders, digital cameras and other digital devices to the original equipment manufacturer (OEM) market.
ITC supplies digital audio, home entertainment and flat screen monitors and televisions. The deal is expected to close by May 2008, subject to customary closing conditions and regulatory, board and shareholder approval. ITC's share price range during the past week: between $0.125 and $0.145; 52-week high: $0.40; 52-week low: $0.10.