Vancouver, B.C., Canada (April 6, 2011) Clearlease.com Reports today that Active Control Technology Inc. (TSXV:ACT), a provider of wireless and fibre network technology for mine communications, and the commercial security and access control industries, has signed a deal to acquire PowerCart Inc.
PowerCart makes mobile power units and is a supplier to the company. It has operations in Mississauga, Ont. and Medina, Ohio.
Active Control shares were halted on the TSX Venture Exchange pending the news.
The pricetag of the share swap deal is 50 per cent of the value of current issued and outstanding capital of Active Control. The company is worth about $2.3 million on the TSX Venture Exchange.
When the deal closes, shareholders of PowerCart will own 33 per cent of Active Control.
PowerCart currently has annual revenues of $2.5 million and earnings of $240,000.
In Wednesday trading on the TSXV market, Active Control shares fell half a cent to one cent, a drop of 33 per cent, on a trading volume of 177,000 shares.
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