Hytera Communications Corporation Limited (002583.SZ), a leading global provider of innovative Professional Mobile Radio (PMR) communications solutions, announced that as of July 20, 2017, it has completed its acquisition of Norsat International Inc. ("Norsat"), with its head office based in Vancouver, British Columbia, Canada, is a provider of unique and customized communication solutions for remote and challenging applications. Hytera indirectly acquired all of the issued and outstanding shares of Norsat for a cash purchase price of US$11.50 per common share.
Mr. Qingzhou Chen, Chairman of Hytera, stated, "We are pleased to welcome the Norsat team and suite of products to the Hytera family. Norsat's antenna and filter products are very complementary to our existing business and we are excited by Norsat's innovative satellite products and the prospects of the satellite communications industry. We believe the addition of Norsat will create new opportunities for long-term growth."
Dr. Amiee Chan, President and CEO of Norsat, added, "We would like to take this opportunity to thank the past directors, past shareholders, management, employees, customers and other stakeholders for their support. We are thrilled to join the Hytera family and we look forward to serving all of our worldwide customers with an even broader platform of innovative products to meet their stringent requirements for communication solutions."
With the completion of the acquisition, Norsat's common shares will be suspended from the NYSE-MKT prior to its opening on July 20, 2017 and are expected to cease to be listed for trading on the NYSE-MKT on or about the close of business on July 31, 2017. Norsat's common shares will cease to be listed for trading on the TSX on or about the close of business on July 25, 2017.
About Hytera Communications Corporation Limited
Founded in Shenzhen, China in 1993, Hytera Communications Corporation Limited (002583.SZ) is a closely-held privately-run company listed on the Shenzhen Stock Exchange. With its nine R&D centers around the world, Hytera is a leading global provider of innovative Professional Mobile Radio (PMR) communications solutions to governmental organizations, public security institutions, and customers from other industries like transportation, oil & gas and many other sectors. Hytera aspires to leverage its technologies to improve organizational efficiency and make the world safer. Hytera has a head office located at Hytera Tower, Shenzhen Hi-Tech Industrial Park North, Beihuan RD. 9108 Nanshan District, Shenzhen, P.R.C. More information is available at www.hytera.com.
About Norsat International Inc.
Founded in 1977, Norsat International Inc. is a provider of unique and customized communication solutions for remote and challenging applications. Norsat’s products and services include leading-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, antennas, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions. More information is available at www.norsat.com.