NovAtel Inc. [NASDAQ: NGPS] has acquired privately-held Antcom Corporation, a communication company specializing in the design, development and manufacturing of antenna and microwave products for commercial and military customers in the space, ground and avionics telecommunications markets. Under the terms of the agreement, NovAtel will acquire Antcom for US$5.0 million in cash and an additional US$1.0 million in cash, subject to Antcom’s achievement of certain financial targets for the calendar year ended December 31, 2007.
Antcom will continue to operate in Torrance, California and sell products under the Antcom brand. NovAtel expects Antcom to contribute revenues of US $7.0 to $7.4 million and be marginally accretive at the net income level over the first twelve months of operation—Calgary, Canada
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