08 May 12. General Dynamics (NYSE: GD) has executed a definitive agreement to acquire IPW Holdings, Inc., the parent company of IPWireless, Inc., a provider of 3G and 4G LTE wireless broadband network equipment and solutions for first-responder and military customers. The value of the cash transaction has not been disclosed. The acquisition has been approved by the boards of directors of both companies and is subject to normal regulatory review. General Dynamics expects the transaction to be completed in the third quarter of 2012. IPWireless produces wireless-network components, user devices and end-to-end systems that enable first-responders and other mobile users to access lifesaving data and applications at very high speeds, making tools such as real-time fingerprint identification and high-resolution video more available. Built on commercial networking standards, IPWireless’ products improve first responders’ effectiveness and safety by providing them with greater access to information. The company’s 700 MHz LTE (Long Term Evolution) products and mobile broadcast solutions are intended to meet the emerging requirements of the nationwide interoperable broadband network required in the recently enacted Middle Class Tax Relief and Job Creation Act of 2012. That network is envisioned to provide municipal agencies with priority access to services such as mobile field reporting and photo and crime databases, for improved law enforcement and officer safety.
07 May 12. VCC, a pioneer in the development and delivery of today’s most high performance, innovative LED indication solutions, has recently purchased the Leecraft® and Littelites™ product lines, as well as their related patents and intellectual property, from Lighting Concepts and Solutions (LCS), located in Coral Springs, Florida. With this latest acquisition, VCC is now the largest global provider of LED indicator solutions. The product lines run a broad spectrum of lighting solutions for OEMs that include lamp holders and indicator lights, in LED, incandescent, neon and halogen options. This acquisition, following on the heels of the move of the company’s headquarters to a larger, more vibrant location, is a key step toward VCC’s goal of rapid acquisitive and organic growth. The Leecraft and Littelites product lines, which were previously assembled in the Dominican Republic, will now be manufactured and assembled at VCC’s manufacturing facilities in San Diego, California, USA and Baja California, Mexico, bringing new employment opportunities to the area.
10 May 12. Nortech Systems Incorporated (NASDAQ: NSYS – News) reported net sales of $28.4m for the first quarter ended March 31, 2012. This compares to net sales of $29.0m for the first quarter of 2011. Income from operations rose 15 percent for the first quarter of 2012, to $328,430. This compares with $286,662 for the same period in 2011. Net income for the first quarter of 2012 was $122,805, or $0.04 per diluted common share. This compares with last year’s $98,181, or $0.04 per diluted common share before non-operating gain from acquiring certain assets of Winland Electronics’ EMS operations. The net after-tax impact of the non-operating gain increased net income in the first quarter of 2011 by $528,007, or $0.19 per diluted common share.
“We’re pleased with our improvements in operating profits during the first quarter,” said Mike Degen, Nortech Systems’ president and CEO. “The progress we’ve made integrating our acquisitions, along with our ability to better control costs and expenses, helped us generate $2.7 m in operating cash flow for the quarter.” Degen noted that revenue results across the company remain mixed in the sluggish economic environment. “We’re seeing encouraging signs from certain industrial and medical customers, evidenced by our backlog positions in these markets registering modest single-digit increases since year-end,” he added.
In the quarter, Nortech Systems was awarded significant de