SAN JOSE, CA--(Marketwire - 06/22/10) - AmbiCom Holdings, Inc. (OTC.BB:ABHI - News) today announced it has signed an asset purchase agreement to acquire all the assets of Pinestar Electronics Technology, a Taiwan-based wireless video technology company. Terms were not disclosed.
"This acquisition is expected to provide AmbiCom additional RF and wireless engineers and enable AmbiCom to develop system products to broaden its focus on wireless modules," said John Hwang, Chairman and CEO of AmbiCom. "Acquiring this company can allow us greater market share in a growing industry and add value to our existing alliances, while enhancing our intellectual property portfolio."
The acquisition is expected to close within the next 60 days.
AmbiCom is headquartered in San Jose, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed January 15, 2010, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Martin E. Janis & Company, Inc.