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January 4, 2022 | GlobeNewswireEstimated reading time: 1 minute
SigmaTron International, Inc., an electronic manufacturing services company and Wagz, Inc., a privately-held pet technology company, announced that the pending merger agreement, has closed on December 31, 2021. As previously announced in our press release dated December 10, 2021, the objective was to close the transaction by the end of calendar 2021. Under the final Agreement, the current shareholders of Wagz, excluding SigmaTron, will receive a total of 1,546,592 newly issued shares of SigmaTron common stock.Wagz will become a wholly-owned subsidiary of SigmaTron.Gary R. Fairhead will become the Chairman of the Board of Wagz and Terry B. Anderton will remain the Chief Executive Officer and President of Wagz.
Commenting on the closing of the transaction, Gary R. Fairhead, SigmaTron’s Chairman of the Board and Chief Executive Officer, said, “We are pleased that we were able to close the transaction with Wagz as it had been pending for an extended period of time.We believe that the Pet Tech market remains as strong as it has ever been, with Pet Tech forecasted to grow significantly as a component of the overall pet marketplace. We believe that Wagz brings unique intellectual property and experience to this expanding marketplace and their product roadmap holds significant promise.As an Internet of Things (IoT) company with the potential for recurring revenue, we are excited to join with Wagz to execute their technology vision.”
Terry B. Anderton, Wagz co-founder and Chief Executive Officer, said, “We believe that the capabilities SigmaTron and Wagz have together will provide a competitive advantage in Pet Tech as we execute the Wagz vision together. With both companies under one structure, we will be able to utilize synergy in the areas of design, manufacturing and distribution, allowing the combined entity to better utilize Wagz intellectual property and provide greater margins overall. The possibilities that this combination creates are very exciting.”
Anderton continued, “Please note that Wagz will have a booth at the CES Show in Las Vegas this week and we invite everyone to stop by and meet the Wagz team.”
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