Global ePoint, a security technologies manufacturer, has entered into a nonbinding letter of intent to acquire Astrophysics Inc., a developer and manufacturer of X-ray scanning security systems. The acquisition is expected to be completed by early July and is subject to the approval of shareholders.
Under the terms of the agreement, Astrophysics will receive $10 million and 50.1 percent of the outstanding shares of Global ePoint common stock and options.
“The acquisition of Astrophysics marks the next step in our strategy to become a leading security technology company,” says Global ePoint CEO Toresa Lou. “We are excited to add to our capabilities, not only through Astrophysics’ strong backlog of existing business but also the technology prowess of Astrophysics’ founder, Francois Zayek, who is widely respected in the industry.”
