Image Systems acquires Sawco and RemaControl - Hans Isoz becomes new CEO

Image Systems AB (publ), listed on NASDAQ OMX Stockholm Small Cap, has today entered into an agreement to acquire all outstanding shares in Sawco Holding AB and in RemaControl Sweden AB.

The two acquired companies, both of which offer measuring products for the sawmill industry, will be an independent business area, Industry, in the Image Systems Group. After the acquisitions consolidated sales, pro forma, will amount to about MSEK 170 and the number of employees will be approximately 100.

– Acquisition of Sawco and RemaControl are industrially logical since the two acquired companies are based on the same core technology used by Image Systems and they complement each other well. We will enhance our opportunities for growth and profitability. The acquisitions will also strengthen our capacity to reach new customer segments with our technology, says Ingemar Andersson, Chairman of Image Systems.

– Image Systems image processing competence is among the highest in its field. The Company also has solid experience in international marketing and sales, which will open new opportunities for the new business area in Image Systems, says Per Lindell, President of Sawco.

– The new combination will make us a stronger company. In both Sawco and RemaControl we envisage new and exciting opportunities for the new Industry business area as a result of the transaction, says Kjell Petterson, President of RemaControl.

Hans Isoz new President and CEO of Image Systems
In connection with the acquisition decisions, the Board of Directors of Image Systems has appointed Hans Isoz to serve as new President and Chief Executive Officer. The Company’s former President, Mikael Jacobsson, will be business area manager during the integration period for the new business area, Industry, and will lead the integration process. Mikael Jacobsson will also be elected to the Board of Directors and remains as shareholder.

– Mikael Jacobsson has successfully built the Company to what it is today. This had never been possible without Mikael’s unwavering commitment and great competence. We envision Mikael in his new role as a very important person for the Company’s development, says Ingemar Andersson, Chairman of the Board of Directors of Image Systems.

Hans Isoz holds an MBA degree from the Stockholm School of Economics and has a background in the media industry and the financial sector. His most recent position was that of CFO for Bonnier Broadcasting & Evening Paper and Bonnier Entertainment. Hans Isoz will enter upon his duties 12 January 2012.

– Hans Isoz has the right properties to develop the new Image Systems with a focus on profitability. Hans, who is currently a director of Image Systems, knows the Company and the market well and has the right qualifications for the task at hand, says Ingemar Andersson.

– I am looking forward to taking over as CEO of the new Image Systems. The acquisitions broaden the market segments and customer offerings of Image Systems, says Hans Isoz, the incoming CEO.

– For me it is a natural step to assume responsibility for the integration phase of the combination, since I know both parties and its markets well, says Mikael Jacobsson. I am also fully aware of the commitment required for such an assignment and I am therefore grateful that Hans is prepared to shoulder the responsibilities as chief executive officer.

Background and motives for the acquisitions
The competence of the combined companies in advanced image processing and motion analysis means the new group will have a stronger offer in several customer and market segments. The transaction is industrially justified and is expected to generate synergies in terms of revenue as well as costs. The acquisitions therefore set the stage for improved profitability and growth for the Group.

Description of Sawco
Sawco delivers unique measurement systems for, among other things, 3D log sorting, log gap optimisation and dimensional control and for sorting/trimming and packaging of the finished product. Sawco has delivered solutions to saw mills on a world-wide basis. More information about the company on www.sawco.se

Description of RemaControl
RemaControl develops and offers equipment that measures, controls and reports all aspects of sawmill operation. The company has been active in the sawmill industry for more than half a century and has an installed base of more than 4,000 systems worldwide.More information about the company on www.remacontrol.se

For additional information
Ingemar Andersson, Chairman of Image Systems: Telephone: +46 (0)70 6244830
Hans Isoz, incoming President & CEO of Image Systems: Telephone +46 (0)70 6234048
Klas Åström, CFO Image Systems: Telephone +46 (0)70 9733744 or e-mail [email protected]

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