Costar Technologies, Inc. Announces Closure of Arecont Vision Acquisition
Coppell, Texas – July 23, 2018 – Costar Technologies, Inc. (the “Company”) (OTC Markets Group: CSTI) announced today that it has completed the previously announced acquisition of the assets of Arecont Vision through the Company’s subsidiary, Arecont Vision Costar LLC (Arecont Vision).
Arecont Vision is the leading manufacturer of network cameras and megapixel surveillance cameras, offering a large selection of megapixel IP cameras. Arecont Vision is a U.S.-based company with its corporate headquarters, as well as its R&D, manufacturing and customer support operations located in Glendale, California. With the acquisition of Arecont Vision, both Costar’s and Arecont Vision’s customers will have access to a broader product line while continuing to receive the same high level of sales, service and support they have come to expect. To learn more about Arecont Vision, please visit our webpage at https://www.arecontvision.com/Company/about-arecont.
DLA Piper acted as Costar’s legal counsel in connection with the transaction. Costar entered into a funding agreement with UMB Bank to provide up to $23.5 million to fund the acquisition and provide working capital for the combined Costar entities going forward.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs, manufactures and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company 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, the Company’s shares currently trade on the OTC Markets Group under the ticker symbol “CSTI.” Costar was ranked as the 40th largest company in a&s magazine’s Security 50 for 2017. Security 50 is an annual ranking by the magazine of the world’s largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the Company’s products and services, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.
You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
