Austin, Texas — April 17, 2015 - Xplore Technologies Corp. (NASDAQ: XPLR) (“Xplore” or the “Company”), a manufacturer of award-winning rugged tablet PCs, announced today the closing of its previously disclosed acquisition of substantially all of the assets of Motion Computing, Inc. and its subsidiaries (“Motion”).
The transaction was effected through an asset purchase and sale agreement by and among Xplore, Motion and Square 1 Bank, Motion’s senior secured lender. Xplore acquired Motion for approximately $9 million in cash, plus the assumption of approximately $7 million in net liabilities. Xplore consummated the transaction using proceeds from a new $15 million credit facility with Square 1 Bank.
Xplore intends to file a current report on Form 8-K on or about June 30, 2015 that will include Motion’s audited financial statements, as well as historical pro forma financial information for the combined businesses.
The Company conducted a conference call at 4:30 pm EST on Thursday, April 16, 2015 to provide additional information on this transaction. A replay of the conference call is available until May 15, 2015, by calling 877-660-6853 from the United States or 201-612-7415 from outside the United States and entering conference ID number 13606316.
About Xplore Technologies®
Xplore Technologies Corp. has
been a leading global provider of truly rugged tablets since 1996. Xplore
tablets are among the most powerful and longest lasting in their class,
withstand nearly any hazardous condition or environmental extreme, and feature
competitive pricing and significant ROI. The company's products are sold on a
global basis, with channel partners in the United States, Canada, Europe and
Asia Pacific. Xplore Technologies’ tablets are deployed across a variety of
industries and sectors, such as energy, military operations, manufacturing,
distribution, public services, public safety, government, and other areas with
hazardous work conditions. For more information, visit the Xplore Technologies
website at www.xploretech.com.
Xplore: For Investor
Information Contact:
Chris Schreiber
Taglich Brothers
cs@taglichbrothers.com
(917) 445-6207
About Motion
Motion Computing® empowers
organizations worldwide with technology solutions designed to optimize the
performance of mobile workers. Building on a foundation of award-winning
technical expertise and decades of industry experience, the Motion® team makes it
their business to understand your business. Through industry-leading rugged
tablet PCs, tailored accessories and services – Motion delivers mobile
technology solutions customized to business workflows. Purposely built for
vertical markets including field service, healthcare, utilities, construction,
retail, public safety and first responders - Motion’s suite of mobile
technology solutions improves worker productivity, data accuracy and security,
while enabling real-time decision making at the point-of-service. Customers
report lower operational expenses, increased efficiency and enhanced customer
service. Motion makes its solutions available through a global network of value
added resellers and distributors.
Forward Looking Statements
This news release contains
forward-looking statements that involve risks and uncertainties, which may
cause actual results to differ materially from the statements made. When used
in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar expressions are
intended to identify forward-looking statements. Such statements reflect
Xplore’s current views with respect to future events and are subject to such
risks and uncertainties. Many factors could cause actual results to differ
materially from the statements made including those factors detailed from time
to time in filings made by Xplore with securities regulatory authorities.
Should one or more of these risks or uncertainties materialize, or should assumptions
underlying the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned, anticipated
or expected. Xplore does not intend and does not assume any obligation to
update these forward-looking statements.