Attached files
| file | filename |
|---|---|
| 8-K - Teledyne Bolt, Inc. | v207838_8k.htm |
| EX-10.1 - Teledyne Bolt, Inc. | v207838_ex10-1.htm |
Exhibit
99.1
NEWS
RELEASE
For
Immediate Release
Contact:
Raymond M. Soto (203) 853-0700
BOLT
TECHNOLOGY ANNOUNCES ACQUISITION OF SEABOTIX INC.
NORWALK,
CT, January 6, 2011 – Bolt Technology Corporation (NASDAQ Global Select Market:
BOLT) today announced the acquisition of all of the outstanding Common
Stock of SeaBotix Inc. (“SeaBotix”). SeaBotix, a privately owned company, is a
world-wide leader in the design, manufacture and sale of underwater remotely
operated vehicle (ROV) systems known under the trade name “Little Benthic
Vehicles” (LBVs(™). The company was established in 2001 and is
located in San Diego, California.
SeaBotix
LBVs are used for a variety of underwater tasks such as maritime security,
search and recovery, aquaculture, scientific research, hydro and nuclear energy
applications, forensic investigations, as well as inspections of off-shore oil
and gas drilling platforms and pipelines. SeaBotix LBVs are designed for
observation and light-duty operations, and can be equipped with a variety of
sensors including high definition video cameras, imaging sonar, tracking
systems, as well as various tools such as multifunction grabbers and cutting
heads. A patented Crawler system offered in certain LBVs is designed to allow
for precise and complete underwater ship hull inspections.
The
acquisition of SeaBotix is effective as of January 1, 2011 and was funded from
Bolt’s existing cash balances. SeaBotix will continue to operate in San Diego as
a wholly-owned subsidiary of Bolt.
Raymond
M. Soto, Bolt’s chairman, president and CEO, commented, “We are pleased to add
SeaBotix to our Company. We believe SeaBotix is well-positioned to capture
market share due to the superior quality and versatility of its products.
SeaBotix has delivered over 800 LBV systems to over 46 countries and is known
for rapid development of customized solutions to meet customer
needs.”
Bolt
Technology Corporation is a leading worldwide developer and manufacturer
of marine seismic acquisition equipment used for offshore
exploration for oil and gas. The Company operates in three segments: “Seismic
Energy Sources,” “Underwater Cables and Connectors” and “Seismic Energy Source
Controllers.” The acquisition of SeaBotix will result in a fourth operating
segment.
Forward-looking
statements in this release are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These include
statements about anticipated financial performance, future revenues and
earnings, business prospects, new products, anticipated energy industry
activity, anticipated market performance, planned production and shipping of
products, expected cash needs and similar matters. Investors are
cautioned that all forward-looking statements involve risks and uncertainty,
including without limitation (i) the risk of technological change relating to
the Company’s products and the risk of the Company’s inability to develop new
competitive products in a timely manner, (ii) the risk of changes in demand for
the Company’s products due to fluctuations in energy industry activity, (iii)
the Company’s reliance on certain significant customers, (iv) risks associated
with a significant amount of foreign sales, (v) the risk of fluctuations in
future operating results, (vi) risks associated with global economic conditions
and (vii) other risks detailed in the Company’s filings with the Securities and
Exchange Commission. The Company believes that forward-looking
statements made by it are based on reasonable expectations. However,
no assurances can be given that actual results will not differ materially from
those contained in such forward-looking statements. The words “estimate,”
“project,” “anticipate,” “expect,” “predict,” “believe,” “may,”
“could,” “should” and similar expressions are intended to identify
forward-looking statements.
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