Plaintree Systems Inc. Announces the Purchase of the Assets and Business of the Finest Manufacturer of Premium Wood Doors in North America, Madawaska Doors
OTTAWA, ON / CRWEPRESSRELEASE / July 21, 2015 / Plaintree Systems Inc. (Plaintree, traded on CSE under the symbol NPT).
Plaintree announced today that it has purchased the assets and operations of Madawaska Doors Inc. The transaction was completed by way of an asset transaction and was paid for out of the Company’s internal resources. No debt of Madawaska Doors Inc. was assumed by Plaintree as part of the transaction.
“I was contacted about the opportunity to acquire this 40 year old, highly revered company about a month ago,” said David Watson, Plaintree CEO. “It has designed and manufactured doors for high end homes throughout the world including mansions for one of the top 5 ranked golfers and a certain rock star that had his own television reality show that took place in his Madawaska Door equipped home.”
“With the marketing and manufacturing knowledge experience that Plaintree has, we plan to expand Madawaska Doors’ product line and market place with further diversification,” Mr. Watson continued. “The company’s manufactured product being either 100% recyclable or biodegradable, we are proud to carry on this environmentally friendly operation and tradition.”
Plaintree intends to continue to operate the Madawaska door business out of the former owner’s Barry’s Bay premises.
More information on the Madawaska Door brand can be found at www.Madawaska-doors.com.
About Plaintree Systems
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.
The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles and the newly acquired Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.
The Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Plaintree free space optics (FSO) businesses. Plaintree’s FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree’s shares are traded under the symbol “NPT.” Shareholders and Investors can access Company information on CSE’s website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company’s website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company’s products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company’s business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2014 and related management discussion and analysis.
Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: (613) 623-3434 x2261
SOURCE:Plaintree Systems Inc.