Universal Power Group, Inc. (NYSE Amex: UPG), a Texas-based distributor and supplier of batteries and related power accessories, today announced it has acquired for $3.3 million the assets and business of Progressive Technologies, Inc. (PTI), a North Carolina-based battery pack manufacturer specializing in lithium-ion battery packs, the fastest growing segment of the battery market.
PTI designs and builds lithium-ion and other custom battery products for specialized OEMs in the medical, technology, government and military markets. Its custom battery solutions are used in computers, camcorders, tools, medical equipment, military applications, metering, mining and handheld communications equipment. Committed to high quality standards, PTI operates a state-of-the-art production facility, and holds several ISO certifications required by medical and other specialized battery pack buyers.
"PTI is a first-class organization,” said Ian Edmonds, president and CEO of UPG. “Its specialized products will enhance UPG’s product line and its lithium-ion battery packs provide UPG with an initial entry into this fast-growing market segment. PTI will enable UPG to offer expertise in battery packs spanning a full array of chemistries and a variety of markets, further enhancing our product and service offerings. In addition, PTI’s products will specifically strengthen our position in the fast-growing medical field. We believe there is great synergy between our two companies, especially as we look to integrate our technical capabilities and sales channels to grow our business.”
“We are pleased to join forces with a strong company like UPG to further our long-term strategic growth objectives,” said Ray Rock, president and founder of PTI. “I am convinced that our combined company will provide significant opportunities to further broaden our product offerings and enhance our business relationships with many long-standing customers, while also taking advantage of opportunities in our fastest growing markets.”About Universal Power Group, Inc. Universal Power Group, Inc. (NYSE Amex: UPG) is a leading supplier and distributor of batteries and power accessories, and a provider of supply chain and other value-added services. UPG's product offerings include proprietary brands of industrial and consumer batteries of all chemistries, chargers, jump-starters, 12-volt accessories, solar and security products. UPG's supply chain services include procurement, warehousing, inventory management, distribution, fulfillment and value-added services such as sourcing, battery pack assembly, coordination of battery recycling efforts, and product design and development. For more information, please visit the UPG website at www.upgi.com. Forward-Looking Statements Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission. Historical financial results are not necessarily indicative of future performance.