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Message: Provides Update on AEBELL Acquisition
| March 6, 2009 |
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Cantronic Systems Inc. Provides Update on AEBELL Acquisition
AEBELL requests material changes to agreement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2009) - Cantronic Systems Inc. ("Cantronic" or "Company") (TSX VENTURE:CTS) announced today that pursuant to the news release issued by the Company on November 12, 2008 announcing the execution of a binding agreement to acquire AEBELL in China, AEBELL has presented and requested a number of material amendments to the original purchase and sale agreement. Cantronic's management and Board of Directors have reviewed these changes and have concluded that the requested terms are unfavourable for the Company and its shareholders. "Due to the unfavourable conditions and changes requested by AEBELL, we are considering our alternatives to deal with this issue," noted James Zahn, President and Chief Executive Officer of Cantronic Systems Inc. "I am pleased with our overall progress in exploring other growth initiatives and look forward to reporting our successes shortly." About Cantronic Cantronic manufactures, distributes, and provides training and services in the fields of infrared vision and video security surveillance technologies, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive CCD cameras and long-range night vision surveillance systems for demanding homeland security and surveillance application. Cantronic, through its US subsidiary QWIP Technologies, Inc. ("QWIPTECH"), holds a worldwide, exclusive license from the California Institute of Technology ("Caltech") to produce and sell infrared detectors and sensors based on Caltech's Quantum Well Infrared Photodetector technology. Cantronic is a Tier 1 issuer on the TSX-V exchange, trading under the symbol CTS. For further information about Cantronic and QWIPTECH, please visit our websites at www.cantronics.com and www.qwip.com. |
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