Industrialex Manufacturing Corp. (TSX VENTURE:IXC.U), a leading provider of manufacturing services, today announced that it has completed the acquisition of all the assets and customers of TriStar Systems Corp., a major developer of factory automation equipment with worldwide customer base. Additionally, The Company announced that it has launched a new business focusing on contract manufacturing. In conjunction with these expansion plans, the Company also announced that it has ceased all its coating operations in its un-profitable Colorado Springs Plant and has leased the building effective January 1, 2013.
In making the announcement, Mr. Ahmad Akrami, the Company's Chairman and CEO stated: "The entry into factory automation equipment business will provide the Company with worldwide market opportunity. The Contract Manufacturing provides the value added services to the existing and future customers. Going forward, the Company has transformed itself from an industrial coating services company with a Colorado market to a provider of industrial coating, technologically advanced factory automation equipment with worldwide market and Contract Manufacturing. The shut down of Colorado Springs Plant and consolidation of its business and customers into the Arvada Plant will contribute significant cost reduction to the Company's financials. These major initiatives are undertaken to provide diversity, growth and profitability which ultimately will contribute to enhancing shareholders' value."
Headquartered in Arvada, Colorado, the Company provides industrial coating services, factory automation and robotics and contract Manufacturing Services to worldwide customers.
On behalf of the Board of Industrialex Manufacturing Corp.
Ahmad Akrami, Chairman & CEO
The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from Industrialex's expectations and projections.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.