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Optical Cable Corporation Acquires Applied Optical Systems, Inc.
ROANOKE, Va., Nov. 5 /PRNewswire-FirstCall/ -- Optical Cable Corporation (Nasdaq GM: OCCF) ("OCC") today announced that it has acquired Applied Optical Systems, Inc. ("AOS"), a designer, developer and manufacturer of specialty fiber optic connectors and connectivity solutions for military and harsh environment applications. The acquisition was completed on October 31, 2009, and Applied Optical Systems is now a wholly owned subsidiary of OCC.
OCC acquired Applied Optical Systems by exercising a warrant issued by AOS in April 2005 (as amended) for the issuance of new equity and acquiring all of the remaining capital stock of AOS from AOS's shareholders.
"The acquisition of Applied Optical Systems is another important step forward in OCC's efforts to provide our customers with more complete cabling and connectivity solutions. Further, the acquisition of Applied Optical Systems builds on OCC's strong existing presence in the military and harsh environment markets," stated Neil Wilkin, President and CEO of Optical Cable Corporation.
Applied Optical Systems' product offering includes specialty fiber optic connectors and connectivity solutions for military, mining, oil and gas, industrial, broadcast and other harsh environment applications. AOS is located near Dallas, Texas, and employs approximately 40 persons, including engineering, manufacturing and office personnel. AOS's net sales were approximately $7.0 million (unaudited) for the twelve months ended September 30, 2009.
About Optical Cable Corporation
Optical Cable Corporation is a leading manufacturer of a broad range of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market, offering an integrated suite of high quality, warranted products which operate as a system solution or seamlessly integrate with other providers' offerings. OCC's product offerings include designs for uses ranging from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, oil and gas and broadcast applications. OCC products include fiber optic cable, copper and fiber optic connectors, copper and fiber optic patch cords, racks, cabinets, datacom enclosures, patch panels, face plates, multi-media boxes and cable and connectivity management accessories, and are designed to meet the most demanding needs of end-users, delivering a high degree of reliability and outstanding performance characteristics.
OCC is internationally recognized for pioneering the design and production of fiber optic cables for the most demanding military field applications, as well as of fiber optic cables suitable for both indoor and outdoor use, and creating a broad product offering built on the evolution of these fundamental technologies. With the acquisition of SMP Data Communications in May 2008, OCC also is now internationally recognized for its role in establishing copper connectivity data communications standards, through its innovative and patented technologies.
Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices and manufacturing and warehouse facilities located both in Roanoke, Virginia and near Asheville, North Carolina. OCC primarily manufactures its high quality fiber optic cables at its ISO 9001:2008 registered and MIL-STD-790F certified facility located in Roanoke, Virginia and its high quality connectivity products at its ISO 9001:2000 registered facility located near Asheville, North Carolina.
Further information about OCC is available on the Internet at http://www.occfiber.com/.
About Applied Optical Systems, Inc.
Applied Optical Systems, Inc. designs, develops and manufactures a broad range of specialty fiber optic connectors and connectivity solutions primarily for use in military and other harsh environment applications. Founded in 2003, Applied Optical Systems has offices and a manufacturing facility is located in Plano, Texas, near Dallas. Applied Optical Systems is a wholly owned subsidiary of Optical Cable Corporation (Nasdaq GM: OCCF).
Further information about AOS is available on the Internet at http://www.appliedopticalsystems.com/.
FORWARD-LOOKING INFORMATION
This news release by Optical Cable Corporation and its subsidiaries (collectively, the "Company" or "OCC") may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning the Company's outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forwardlooking information is subject to variables, uncertainties, contingencies and risks that may cause actual events to differ materially from the Company's expectations. Additionally, such variables, uncertainties, contingencies and risks may adversely affect the Company and the Company's future results of operation and future financial condition. Factors that could cause or contribute to such differences from the Company's expectations or could adversely affect the Company, include, but are not limited to: the level of sales to key customers, including distributors; timing of certain projects and purchases by key customers; the economic conditions affecting network service providers; corporate and/or government spending on information technology; actions by competitors; fluctuations in the price of raw materials (including optical fiber, copper, gold and other precious metals, and plastics and other materials affected by petroleum product pricing); fluctuations in transportation costs; the Company's dependence on customized equipment for the manufacture of its products and a limited number of production facilities; the Company's ability to protect its proprietary manufacturing technology; the Company's ability to replace royalty income as existing patented and licensed products expire by developing and licensing new products; market conditions influencing prices or pricing; the Company's dependence on a limited number of suppliers; the loss of or conflict with one or more key suppliers or customers; an adverse outcome in litigation, claims and other actions, and potential litigation, claims and other actions against the Company; an adverse outcome in regulatory reviews and audits and potential regulatory reviews and audits; adverse changes in state tax laws and/or positions taken by state taxing authorities affecting the Company; technological changes and introductions of new competing products; changes in end-user preferences for competing technologies, relative to the Company's product offering; economic conditions that affect the telecommunications sector, certain technology sectors or the economy as a whole; changes in demand of our products from certain competitors for which we provide private label connectivity products; terrorist attacks or acts of war, and any current or potential future military conflicts; changes in the level of military spending by the United States government; ability to retain key personnel; inability to recruit needed personnel; poor labor relations; the inability to successfully integrate the operations of the Company's new subsidiaries; the impact of changes in accounting policies, including those by the Securities and Exchange Commission and the Public Company Accounting Oversight Board; the Company's ability to continue to successfully comply with, and the cost of compliance with, the provisions of Section 404 of the Sarbanes-Oxley Act of 2002 or any revisions to that act which apply to the Company; the impact of changes and potential changes in federal laws and regulations adversely affecting our business and/or which result in increases in our direct and indirect costs as we comply with such laws and regulations; impact of future consolidation among competitors and/or among customers adversely affecting the Company's position with its customers and/or its market position; actions by customers adversely affecting the Company in reaction to the expansion of its product offering in any manner, including, but not limited to, by offering products that compete with its customers, and/or by entering into alliances with, making investments in or with, and/or acquiring parties that compete with and/or have conflicts with customers of the Company; impact of weather or natural disasters in the areas of the world in which the Company operates and markets its products; economic downturns and/or changes in market demand, exchange rates, productivity, or market and economic conditions in the areas of the world in which the Company operates and markets its products, and the Company's success in managing the risks involved in the foregoing. The Company cautions readers that the foregoing list of important factors is not exclusive and the Company incorporates by reference those factors included in current reports on Form 8K, in the annual report on Form 10K for the fiscal year ended October 31, 2008, and/or in the Company's other filings.
AT THE COMPANY:
Neil Wilkin Tracy Smith
President & CEO Senior Vice President & CFO
(540) 265-0690 (540) 265-0690
investorrelations@occfiber.com investorrelations@occfiber.com
AT JOELE FRANK, WILKINSON BRIMMER KATCHER:
Andrew Siegel Aaron Palash
(212) 355-4449 ext. 127 (212) 355-4449 ext. 103
asiegel@joelefrank.com apalash@joelefrank.com
Optical Cable Corporation
CONTACT: Neil Wilkin, President & CEO, +1-540-265-0690,investorrelations@occfiber.com, or Tracy Smith, Senior Vice President & CFO,+1-540-265-0690, investorrelations@occfiber.com, both of Optical CableCorporation; Andrew Siegel, +1-212-355-4449 ext. 127, asiegel@joelefrank.com,or Aaron Palash, +1-212-355-4449 ext. 103, apalash@joelefrank.com, both ofJoele Frank, Wilkinson Brimmer Katcher
Web Site: http:/// http://www.occfiber.com/
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