Solitron Devices, Inc. acquired Micro Engineering, Inc. from shareholders for $4.16 million.
September 04, 2023
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Solitron Devices, Inc. (OTCPK:SODI) acquired Micro Engineering, Inc. from shareholders for $3 million on August 31, 2023. The consideration is subject to adjustment. In addition, under the Purchase Agreement the Company agreed to the following potential earn-out payments as additional consideration for the Acquisition: for each of (1) the period beginning on the Closing Date and ending on December 31, 2023, (2) the calendar year ending on December 31, 2024, (3) the calendar year ending December 31, 2025, and (3) the period beginning on January 1, 2026 and ending on the third anniversary of the Closing Date, the Company agreed to pay the Micro Shareholders 7.5% of the gross revenue actually received and collected by the Company during the applicable period from Micro?s existing customers as of the Closing and related to sales by the Company of Company products that were in existence as of the Closing. Micro Engineering reported net sales of $5.93 million, operating income as $4.59 million, pre-tax income as $1.7 million and net income as $1.3 million for the period end on 2022. Losey PLLC acted as legal advisor to Micro Engineering and Nason, Yeager, Gerson, Harris & Fumero acted as legal advisor to Solitron Devices, Inc. in the transaction.
Solitron Devices, Inc. (OTCPK:SODI) completed the acquisition of Micro Engineering, Inc. from shareholders for $4.16 million on August 31, 2023.
Solitron Devices, Inc. designs, develops, manufactures and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a variety of bipolar and metal oxide semiconductor (MOS) power transistors, power and control hybrids, junction and power MOS field effect transistors (Power MOSFETS), and other related products. Its products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy (JAN) transistors, diodes and Standard Military Drawings (SMD) voltage regulators, are sold as standard or catalog items. The Company manufactures thick film hybrids, which generally contain discrete semiconductor chips, integrated circuits, chip capacitors and thick film or thin film resistors. Its hybrids include high power voltage regulators, power amplifiers, power drivers, boosters and controllers.
SOLITRON DEVICES, INC. 
