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Industry News: Metris Expands Market Share by Acquisitions

August 3, 2007
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LEUVEN, BELGIUM-Metris, designer, developer and marketer of 3-D hardware and software inspection systems for the automotive and aerospace sectors, announces a number of acquisitions. The company has purchased Virtek’s Intelligent Laser Systems (iLS) division. The company also has signed a share purchase agreement with the shareholders of Garda S.r.l. for the purchase of 100% of Garda’s stock, as well as another agreement with Tomelleri S.r.l. for its underlying IPR. Finally, Metris has signed a purchase agreement with the shareholders of Coord3 S.p.A for the purchase of 100% Coord3’s stock.

Intelligent Laser Systems (iLS) is a provider of large-scale integrated measurement systems, advanced laser projection equipment and complete workcell automation solutions. The purchase agreement is subject to confirmatory due diligence and certain closing conditions and provides for a maximum aggregate consideration of CAD $6 million (approximately U.S. $5.6 million) in cash. The 2007 budgeted revenues of the Virtek iLS division total CAD $7.6 million (approximately U.S. $7.1 million). Metris expects the acquisition to be net profit accretive for the year 2007.

Garda S.r.l. is an Italian manufacturer of portable articulated arms used for the measurement of 3-Dobjects. The purchase agreements are subject to certain closing conditions and provide for a maximum aggregate consideration of $2.1 million euros (approximately U.S. $2.8 million) in cash. In 2006 Garda realized revenues totaling 1.3 million euros (approximately U.S. $1.8 million) and has a 0.6 million euros (approximately U.S. $0.8 million) net financial debt. Metris expects the acquisitions to be net profit accretive for the year 2007.

Tomelleri S.r.l is an Italian manufacturer of high-accuracy articulated arms for pipe measurement systems. Tomelleri S.r.l. also is developing engineering solutions for drilling and milling machinery as well as telescopes for astronomical applications.

Coord3 S.p.A. is an Italian coordinate measuring machine (CMM) manufacturer. The purchase agreement is subject to due diligence and certain closing conditions and provides for a maximum aggregate consideration of 1 million euros (approximately U.S. $1.3 million) in cash, a maximum contingent consideration of 1.5 million euros (approximately U.S. $2 million) which is convertible in Metris stock and the issuance of warrants.

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