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August 21, 2003 8:00 AM
From Parvus Corporation
Merger of Parvus Corporation (USA) and EuroTech SpA (Italy) Establishes a Global PC/104 Leader
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EuroTech and Parvus Merge to Capture Greater Global Market Share for Embedded Computer Products & Systems Integration Services
Salt Lake City, Utah (USA) & Amaro, Udine (Italy) - August 21, 2003 - Parvus(r) Corporation and EuroTech SpA today announced the successful completion of a cross-border merger between the two enterprises in a transaction designed to capture greater global market share for embedded computer products and systems integration services. The merger establishes a global leader in products for embedded PC/104 computers, which are increasingly used in aviation, industrial, medical, military, and transportation electronics equipment. No financial terms were disclosed.
The combined company will retain the "parvus" and "EuroTecH" brands in North America and Europe, respectively, and maintain offices in the United States, Italy, China, and Germany, as well as channel distribution offices throughout approximately 16 additional countries. The legacy Parvus team will be responsible for operations in North America, Australia and select English-speaking countries, while the EuroTech team will cover Europe and the Pacific Rim. Parvus moved its headquarters in April 2003 into a larger U.S. facility to accommodate the accelerated growth anticipated from this merger.
"EuroTech and Parvus have very complimentary product lines and relatively little overlap in the markets we serve, so the opportunities for synergies and efficiencies from the integration of the two companies are very significant," said Parvus President Tom Hogan.
"As a result of the merger, we become not only the largest PC/104-centric supplier, but we gain many additive product opportunities. Parvus can now leverage EuroTech's strong PC/104 and PC/104-Plus CPU offerings in its new systems integration projects and standalone off-the-shelf product sales. Similarly, EuroTech will now be able to leverage parvus' heritage of systems integration and breadth of PC/104 peripherals and rugged enclosures."
Formed in 1983, Parvus Corporation is a leading manufacturer and systems integrator of modular embedded computer boards, enclosures, displays and systems based on the PC/104 circuit board standard. Its rugged, embedded PC products offer commercial-off-the-shelf (COTS) solutions ideal for avionics, military, medical, industrial, and transportation OEMs. For more information, visit www.parvus.com or call 801.483.1533.
Formed in 1992, EuroTech SpA manufactures a complete range of embedded computer boards and integrated systems based on the PC/104, PC/104-Plus and CompactPCI standards. All EuroTech products are highly integrated and suitable for transportation, industrial and telecommunication applications. For more information, visit www.eurotech.it or call +39.0433.485411.
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