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(November 6, 2007) AMESBURY, Mass. and FREMONT, Calif. — Titan Global Holdings, through subsidiary Titan Electronics Group, will acquire the assets of Nexus Nano Electronics Inc. in an equity-based transaction valued at just over $11 million. Titan anticipates that the custom PCB manufacturer will increase market share in defense, aerospace, and related electronics segments by 2008.
Titan will assimilate Nexus Nano's 90 employees, in Brandon, Vt. and Woburn, Mass. Nexus generated $12 million and $16 million in revenue from periods ending June 30, 2007, and June 30, 2006, respectively. The company has inadequate working capital and has struggled financially, according to Titan. It will be assigned to Titan Electronics Group, which posted $20 million in fiscal 2006 and $17 million in its three reporting quarters of fiscal 2007. The company expects Nexus to bolster its 2008 fiscal status within its electronics and homeland security division. That sector was anticipated to generate $30 million in fiscal 2008 revenues prior to the acquisition.
The transaction involves Titan Nexus Inc., a subsidiary of Titan Electronics Group, acquired by assignment from YA Global Investments, LP, various debt and equity instruments, and Nexus assets. Titan Electronics Group issued YA Global $7.3 million in convertible preferred stock; Titan Global Holdings issued YA Global two million shares of common stock (about $4 million value). For more information, visit www.titanglobalholdings.com.
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