11th Aug 2005 07:00
Solid State Supplies PLC11 August 2005 Solid State Supplies PLC (the "Group") Acquisition of Wordsworth Technology Limited The Board of Solid State Supplies PLC ("Solid State") is pleased to announcethat it has acquired the entire issued share capital of Wordsworth TechnologyLimited ("Wordsworth") for a consideration of £1.67 million (a further paymentmay be made based on any increase in value of net assets at completion from thevalue of the net assets at 31 March 2005) (the "Acquisition"). Theconsideration has been financed from the Group's own resources and bankborrowings. Established in 1985, Wordsworth is a systems integrator serving a wide range ofcustomers in its target markets of industrial control systems, aerospace anddefence and communications. Wordsworth is regarded as a leading "one stop shop"supplier, of industry standard computer boards, industrial computer systems andreal time software to original equipment manufacturers and value addedresellers. In the Board's opinion there is an experienced team at Wordsworth,who are expected to be a valuable addition to the Group following theAcquisition. The Acquisition, which was referred to in outline at the time of the Group'spreliminary results announcement on 1 July 2005, furthers the strategy of BOX,BOARD and CHIP solutions. In conjunction with the Group's existing engineeringsolutions business, Steatite Limited, Wordsworth further enhances the Group'sability to offer the Box and Board element, with the existing core Solid Statebusiness providing the Chip solution. The audited accounts of Wordsworth, as at 31 March 2005, show that the companyreported profits before tax of £422,240, and profits after tax of £316,560, onturnover of £3.6 million. The net assets of Wordsworth as at 31 March 2005 were£703,451. The Board is pleased to report that the Group's existing businesses are tradingsatisfactorily and that the interim results for the six months ended 30September 2005 will be released in December. 11 August 2005 Further enquiries: Gary MarshManaging DirectorSolid State Supplies PLC01892 836 836 Philip DaviesCharles Stanley & Co. Limited020 7739 8200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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