By GlobeNewswire, October 02, 2013, 08:30:00 AM EDT
MIAMI and CAMARILLO, Calif., Oct. 2, 2013 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Electronic Technologies Group completed its planned acquisition of Lucix Corporation.
Lucix was founded in 1999 by the late Roy Baldarrama and his wife Joan Baldarrama, who has had a continuing presence with the company. Its products include converters, receivers, transmitters, amplifiers, frequency sources and related sub-systems that address all major satellite frequencies including UHF, L, S, C, Ku, Ka, and Q bands. The majority of its revenue is derived from commercial satellite payload hardware and its products can be found on more than 40 orbiting Geosynchronous Orbit ("GEO") satellites.
Headquartered in Camarillo, CA, Lucix employs approximately 140 people. Lucix will continue to be run by its CEO, Dr. Mark Shahriary, and HEICO stated that it does not expect material employee turnover to result from the acquisition.
In addition to Dr. Shahriary's and management's ownership, Lucix's other owners are primarily three venture capital and growth funds: Palisades Ventures, Saints Capital and Shepherd Ventures. Moelis & Company acted as exclusive financial advisor to Lucix.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our web site at http://www.heico.com.
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including, but not limited to: lower demand for commercial air travel or airline fleet changes, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
CONTACT: Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
Source: HEICO Corporation