ENPAR Technologies (TSXV:ENP) has announced it has entered into a binding letter of intent with Pumptronics to acquire 100 percent of the issue share capital for a transaction equal to $3 million, which is made up of $1.2 million in cash and 12 million common shares of ENPAR.
As quoted in the press release:
ENPAR has agreed as a demonstration of its commitment to the transaction, to provide an advance payment of $100,000 to Pumptronics. No finder’s fee will be issued in conjunction with the acquisition of Pumptronics.
Pumptronics Incorporated, a privately held Ontario-based corporation, is an integrated pump station manufacturer specializing in custom design and automation with projected growth for 2018 and 2019 and a robust sales pipeline.
Pumptronics was founded in 1989, with a team dedicated to understanding pumps and fluid mechanics, and a recognition that the consumer companies were relying on standard pump solutions that generally did not meet their needs. Pumptronics was founded to develop better approaches for moving liquids more easily, reliably and economically.
Pumptronics’ goal is to create truly customized pumping solutions that not only meet the customer’s needs, but also reduce operating and labor maintenance costs, and optimize performance in a cost effective manner. The company designs, engineers and manufactures the pumping solutions, and provides the onsite installation and support essential for optimal performance of the pumping stations.
Pumptronics services the municipal, commercial, oil & gas, mining and golf & turf markets, and provides other customized solutions. Pumptronics has provided innovative solutions to notable clients such as, Schedule I banks, national corporations, large institutions and cities throughout Canada.