API Technologies Closes Merger With SenDEC Corporation
New York, N.Y.--API Technologies Corp., a provider of secure communications, electronic components, and subsystems to the global defense and aerospace industries, recently announced the closing of the acquisition of SenDEC Corporation, a defense electronics manufacturing services company headquartered in Fairport, N.Y. API (www.apitech.com) acquired 100% of the equity of SenDEC, which includes SenDEC's electronics manufacturing operations and approximately $30 million of cash, in exchange for the issuance of 22 million API common shares to an affiliate of Vintage Capital Management LLC. SenDEC generated approximately $90 million in revenue and over $3.5 million in net income during its fiscal year ended July 31, 2010.
Brian Kahn, managing member of Vintage, has become Chairman and CEO of API. SenDEC is now an operating subsidiary of API and Ken Fiske is continuing as its CEO. API Defense USA continues to operate as a subsidiary of API and Steve Pudles is continuing as its CEO. At the closing, the existing members of the API Board of Directors other than Eric Goldberg and Donald Wright resigned, and Brian Kahn and Mel Keating joined the API Board. Following the closing, Ken Krieg, Matthew Avril, and Ken Fiske are expected to also join the API Board of Directors.
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