COPPELL, Texas, Aug. 18, 2023 /PRNewswire/ -- IDIS Co., Ltd. ("IDIS") (143160:KOSDAQ) and Costar Technologies, Inc. ("Costar") (OTC Markets Group: CSTI) are pleased to announce that pursuant to the terms of the previously announced merger agreement signed March 23, 2023 (the "Merger Agreement") IDIS has acquired all of the common stock of Costar (the "Costar Shares"). Following the acquisition, Costar will continue to operate as a wholly-owned subsidiary of IDIS. After customary working capital adjustments and payment of indebtedness and transaction expenses, Costar stockholders will receive approximately $4.90 in cash for each Costar Share and the Costar Shares will be delisted from the OTC Markets Group. With the acquisition of Costar, IDIS, the largest video surveillance manufacturer in South Korea, expands its global presence and further diversifies its product portfolio.
Advisors
Costar's exclusive financial advisor is Imperial Capital, LLC, and its legal counsel was DLA Piper LLP (US). IDIS' exclusive financial advisor is NMC Resource Corporation, and its legal counsel was McMillan LLP.
About IDIS
IDIS is a global security company that designs, develops, manufactures, and delivers surveillance solutions for a wide range of commercial and public sector markets. As the largest video surveillance manufacturer in South Korea, headquartered just outside of Seoul and operating across 50 countries and 100+ strategic partners, IDIS is a world-leading total solution provider with more than two million recorders installed worldwide and over 17 million cameras utilizing IDIS technology.
About Costar
Costar Technologies, Inc. develops, designs, manufactures, and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs, and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company's shares currently trade on the OTC Markets Group under the ticker symbol "CSTI". Costar was ranked as the 40th largest company in a&s magazine's Security 50 for 2022. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.
On Behalf of the Board of IDIS Co., Ltd.
Kim Young-Dal
CEO
On Behalf of the Board of Costar Technologies Inc.
Scott Switzer
CEO & Director
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that statements in this press release which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding Committee on Foreign Investment in the United States ("CFIUS") review, and other statements identified by words like "believe," "expect," "may," "will," "should," "seek," or "could" and similar expressions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: IDIS's ability to integrate Costar's business and personnel and to achieve expected synergies, and completion of CFIUS's review within a specific timeline and with a non-deleterious outcome. Actual results may differ materially from those contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management's current views and are based only on information currently available to us. The parties do not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information or otherwise, that occur after the date hereof except as required by law.
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SOURCE Costar Technologies, Inc.
