Photo Control Announces Acquisition
06 Januar 2004 - 2:32PM
PR Newswire (US)
Photo Control Announces Acquisition MINNEAPOLIS, Jan. 6
/PRNewswire-FirstCall/ -- Photo Control Corporation -- Photo
Control has purchased all the assets and rights for the Vaddio
product line used in the video conferencing and presentation
industry from Vaddio LLC and Rob Sheeley of Minneapolis, MN. The
purchase price for these assets was $450,000 in cash, 50,000 shares
of Photo Control common stock and the assumption of approximately
$70,000 of liabilities. Photo Control will provide significant
infrastructure to support the rapid growth of the Vaddio product
line and the expanding sales and marketing efforts of Vaddio.
Effective January 5, 2004, Rob Sheeley and the entire Vaddio staff
will become employees of Photo Control. Rob Sheeley, President and
CEO of Vaddio, stated: "We are pleased to have reached an agreement
with Photo Control in which the Vaddio products will continue to
flourish in a larger environment. Photo Control has an excellent
reputation for innovative, high quality products. Vaddio expands
Photo Control's product line and gives Photo Control Corporation
new markets in video conferencing and presentation." Curt Jackels,
President and CEO of Photo Control, commented: "This is a major
step in our plans to expand the business areas we serve, and we
have gone beyond the professional photographic equipment industry.
It's exciting, and I am confident Vaddio will be a valuable
addition for us. We will continue to grow the existing
relationships Vaddio has developed world-wide, as well as expand
the Audio-Visual integration channel." DATASOURCE: Photo Control
Corporation CONTACT: Rob Sheeley of Vaddio LLC, +1-763-550-2900, or
Curt Jackels of Photo Control Corporation, +1-763-537-3601 Web
site: http://www.vaddio.com/ http://www.photo-control.com/
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