On January 31, 2008 on the basis of the concluded rights assignment agreement MCI Management SA purchased from CMM Sp. z o.o. on the basis of the concluded assignment of rights agreement, 260 shares of the nominal value of PLN 500 each in Microtech International Ltd. sp. z o.o. (Microtech), representing 58.56% of the share capital of that company for the total value of PLN 4,743,700 that is PLN 18,245 PLN per one share. The transaction will be made in cash and stocks / shares of the companies owned by MCI Management SA. Furthermore, MCI Management SA is entitled to purchase as of March 31, 2008 the remaining 184 shares in Microtech (41.44%) for the agreed total amount of PLN 3,357,080. Mr. Andrzej Lis who is a proxy in MCI Management SA is President of the Management Board of CMM Sp. z o.o.
Microtech International Ltd sp. z o.o., established in 1990, conducts business operations in the scope of audio-visual and tele-technical systems, automation in technological processes â mainly heat engineering and gas engineering as well as professional electronics and special applications, including radar technologies.
Microtech actively cooperates internationally, designing and executing currently 5 innovative research and development projects within the European programs EUREKA, 6 FP (VI Frame Program), 7 FP and others, creating consortia e.g. with France Telecom, Airbus or Saab.
Microtech was awarded Silver Medal of the World Exhibition of Innovation, Research and New Technology in BRUSSELS EUREKA 2005.
The operations conducted by Microtech were highly evaluated by experts in the contest organized by the Institute of Economic Sciences at the Polish Academy of Sciences (INE PAN) who ranked the company 16th in the top 500 most innovative firms in Poland (1st place in Lower Silesia) in 2007 in its 3rd edition, from among 3 thousand surveyed enterprises.
The Management Board of Microtech extending its market strategy is planning in 2008 further growth of operating results compared to 2007 (about 14 million in revenues and 1.45 million in net profit,) participation in the next projects co-financed with the EU funds, commercialization of previous R&D achievements and preparation to its debut at NewConnect â market dedicated to most innovative enterprises.
This is a long-term investment. The purchased assets represent over 20% of the share capital of Microtech International Ltd. Sp. z o.o. and they are considered assets of significant value.
âInvestment in Microtech is the continuation of the strategy of MCI Management in the scope of identifying the most promising business models in the high-tech sector. Microtech will be contributed to the non-public assets funds of MCI.EuroVentures FIZ managed by MCI Capital TFI. MCI.EuroVentures certificates will be offered to selected investors in 2008. I believe that in this uncertain situation on capital markets an investment in a Private Equity non-public assets fund will be an interesting investment alternative for Polish High Net Worth Individualsâ- said Konrad Sitnik, Partner in MCI Management SA and President of MCI Capital TFI.