I-PACInterface for PC (Personal Computer)-to-Arcade Controls
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I-PAC also entered into leases of approximately $450,000 primarily of CNC precision machining equipment which had previously been used by Amcraft.
In addition, I-PAC will lease the current 10,000 square foot facility occupied by Amcraft through April of 1999, at which time the precision metal machining operation will be relocated to the newly acquired National Metal Technologies facility located in Oceanside, Calif.
National Metal Technologies will become a separate business unit within the company's growing manufacturing group, which is currently comprised of I-PAC Manufacturing Inc.
I-PAC also agreed to lease the 18,000 square foot, concrete building located in an industrial park in El Cajon, which houses Technetics' operations.
Under the terms of the non-binding letter of intent, I-PAC will pay to Technetics' shareholders a total of $1,200,000; $350,000 in cash, and $850,000 in a note to be paid over five years.
The I-PAC debt had been recorded at face value as of the June 5, 1998 date of the Company's acquisition of I-PAC.
Under the terms of the contract, I-PAC will manufacture and deliver the assemblies over an 18 month period.
Tim Mullennix, vice president and general manager of I-PAC stated, "We are proud and pleased to have been selected by Altec.
The additional PCB manufacturing equipment will result in a four-fold increase in our SMT capacity, as well as making I-PAC highly competitive in the newest and emerging fine pitch and ball grid array technologies.
MGM is a private entity that is primarily owned by the officers and former owners of I-PAC, a value-added manufacturer of electronic products, which recently was acquired by Photomatrix.
Photomatrix is now organized into two major divisions," stated Patrick Moore, chief executive officer, "its Manufacturing Group, of which I-PAC is a hub, and its Products Group, which currently consists of Photomatrix Imaging, a manufacturer of high-performance document and aperture card scanners.
We've consolidated the operations of the I-PAC and Photomatrix into a 40,000 square foot facility in Carlsbad, Calif.