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 user 2005-02-06 at 10:54:00 am Views: 38
  • #10086

    Adsero, Teckn-O-Laser Deal Complete 

    Publicly Traded Adsero Corp. announced the completion of its acquisition of
    Teckn-O-Laser on Feb. 1, 2005, purchasing 100 percent of shares of the Montreal-
    based toner and inkjet remanufacturer.The completion of the reverse acquisition
    follows Adsero”s May 3, 2004, letter of intent that initiated
    the deal.Teckn-O-Laser will then use its public stock as currency to buy
    additional companies through Acquisition or merger.

    The transaction will require approximately US$2.4 million in cash on closing,
    US$1.6 million in retractable preferred shares, retractable over the next 14
    months, US$3.5 million payable over three years based on minimum earnings
    targets,and 6.5 million Common shares of Adsero Corp. representing an estimated
    25 percent of the total issued and outstanding stock of Adsero Corp. at closing,
    and 300,000 options for Adsero stock exercisable at the market price at closing.
    Six million of the shares are subject to a three-year lock-up agreement.

    Founded in 1988 by Yvon Léveillé, Teckn-O-Laser has grown revenues in excess
    of US$30 million annually. Léveillé, who signed a three-year management contract
    to remain with the company after the sale, says he has a highly focused vision
    to continue the company”s growth into a $500 million conglomerate specializing
    in e-waste solutions for printers, print cartridges, computers, cell phones and
    other electronic devices. Léveillé is expected to spend approximately 15 to 25
    percent of his time lobbying the investment community about his company and its
    vision for the future. As part of the agreement, Léveillé will take over as
    president and CEO of Adsero.

    “We can now begin executing our plan to become the dominant player within the
    cartridge aftermarket industry,” Léveillé said “I believe the timing is right
    for consolidation, as the industry is currently very fragmented with a large
    number of small players competing in a segment which is estimated to grow to in
    excess of US$9 billion by 2006. In order to compete, players will need to
    achieve economies of scale and develop expanded sales channels. We feel this
    provides a huge opportunity to establish Adsero as the dominant player within
    this industry.”