DoorTek, a privately held manufacturer of access control and detention security products for use in light-to-heavy industry, defense, petrochemical, health care, corrections and other industries, has been working with ISSI’s Intelli-Site subsidiary through an OEM agreement.
Under the terms of the contemplated acquisition, DoorTek would join the ISSI family of companies as a wholly owned subsidiary. DoorTek will retain its name, current facilities and all key personnel. The acquisition is expected to close in November 2004. Further details of the proposed transaction are not being disclosed at this time.
“After working closely with DoorTek through Intelli-Site’s OEM agreement with them, we have developed a thorough knowledge of DoorTek’s product lines and resources,” said John Ulibarri, President of ISSI subsidiary Intelli-Site. “DoorTek’s product offering enjoys long-standing, broad acceptance in the security industry and will certainly enhance our offering in the security electronics/access control market and increase the breadth of our integration efforts. Additionally, DoorTek’s principals, Bob Gardner and Ray Deasy, have extraordinary talents and unparalleled industry experience that we believe will provide a competitive advantage.”
“This proposed acquisition is an important opportunity for the future growth of ISSI. It supports ISSI’s strategy of focusing on revenue growth, profit generation and delivering a broad array of high-quality homeland security products and services,” said C.A. Rundell, Jr., Chairman & CEO of Integrated Security Systems, Inc. “The transaction provides an opportunity for value creation and would immediately enhance underlying earnings.”
“ISSI’s goal is to expand through strategic acquisitions and internal security product development,” Rundell noted. “We are actively pursuing acquisition opportunities that will complement or extend our existing product lines or that would be compatible with our business philosophy.”
The acquisition is subject to certain closing conditions, including satisfactory completion of due diligence and execution of the Definitive Agreement.
DoorTek is headquartered in San Antonio, DoorTek Corporation is a leading manufacturer of access control systems and security system products that are used throughout the world. In addition to DoorTek’s broad range of directly marketed access control products, DoorTek has also provided OEM products to major manufacturers such as Diebold, Wells Fargo and Notifier Systems.