Consolidated Results From Q3 2007
Commenting on the closing, Danny Haran, President and Chief Executive Officer of Cimatron, said, "We are pleased to complete the increase of our holding in Microsystem to 51%, as we believe it would increase not only our revenues, but our profitability as well.
As we had previously announced, Cimatron's growth strategy is based on internal growth, as well as on mergers and acquisitions. We intend to keep looking for M&A opportunities in order to further enhance our product offering and distribution network.
Cimatron's strong financial position enables us to finance the Microsystem deal from internal resources and to further develop our growth. We believe that being a larger company will open new opportunities to Cimatron in the CAD/CAM industry."
Microsystem is a distributor and developer of software solutions for the manufacturing industry. Founded in 1980, with headquarters in Bologna, Microsystem started distributing CAD/CAM systems in 1984, subsequently broadening its offering with other products to cover all phases of the design and manufacturing cycle. Microsystem is a provider of complete solutions and services with high technological value. With more than 20 years' experience in the market and thousands of installations, Microsystem has built relations of true partnership with its customers, who can rely on a careful attention to their needs and superior technical support.
With more than 20,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time. Cimatron's cutting-edge CAD/CAM solutions are widely used in the automotive, medical, consumer plastics, electronics, and other industries.
Founded in 1982, Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. Cimatron's subsidiaries and extensive distributor network are located in over 35 countries to serve customers worldwide with complete pre- and post-sales support. For more information, please visit http://www.cimatron.com.
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Cimatron products and services, long sales cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Company's filings with the Securities and Exchanges Commission. The company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Contact: Ilan Erez, Chief Financial Officer Cimatron Ltd Tel: +972-3-531-2121 E-mail: Email Contact Yael Nevat Commitment-IR.com Tel: +972-3-611-4466, +972-50-762-6215 E-mail: Email Contact