Costar Technologies, Inc. Completes Acquisition of CohuHD Camera Products Division From Cohu, Inc.
Acquisition Expected to Expand Products Offerings and Accelerate Sales Growth
PR Newswire
COPPELL, Texas, June 6, 2014
COPPELL, Texas , June 6, 2014 /PRNewswire/ -- Costar Technologies, Inc. (OTC Markets Group: CSTI) announced today that it has closed the acquisition of the CohuHD camera products and video solutions division of Cohu, Inc. (NASDAQ: COHU).
CohuHD is a leading provider of video cameras and related products, specializing in IP video solutions for traffic monitoring, security, surveillance and military applications; and accessories such as cables, camera mounts, lenses and data storage devices. CohuHD is the market leader in offering high-definition video systems designed for the performance requirements associated with critical infrastructure environments, and sells to a customer base that includes corporate end-users, state and federal government agencies, original equipment manufacturers, distributors, system integrators and value-added resellers. With the acquisition of CohuHD, Costar's customers will have access to a broader product line while continuing to receive the same high level of sales, service and support that they have come to expect from Costar and CohuHD.
Alston & Bird LLP acted as Costar's legal counsel in connection with the transaction.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. Costar also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas , Costar's shares currently trade on the OTC Markets Group under the ticker symbol "CSTI".
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions, that if they never materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements generally are identified by the words "expects," "anticipates," "believes," "intends," "estimates," "should," "would," "strategy," "plan" and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements include, among other things, statements regarding markets for our products and our performance in those markets, our business plans, product performance and impact, competitive offerings, impact and benefits of the transaction including potential synergies to be achieved, the transaction's impact on Costar's sales and other financial results and the timing of the transaction's closing. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. The risks, uncertainties and assumptions include developments in the marketplace for our products, competition, related products and services and general economic conditions, as well as other risks and uncertainties. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. Accordingly, we cannot give assurance that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Costar. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this press release.
| CONTACT: | Scott Switzer |
| | Chief Financial Officer |
| | Costar Technologies, Inc. |
| | (469) 635-6800 |
SOURCE Costar Technologies, Inc.
