For Immediate Release
Iroquois, Ontario, Canada and Adelaide, Australia - July 26, 2010 - Ross Video Limited and Codan Limited jointly announced today that Ross has entered into a letter of intent to buy 100% of the shares of Codan's wholly-owned Melbourne-based subsidiary, Codan Broadcast Products Pty Ltd. The sale, subject only to the finalization of due diligence, is scheduled for completion on 31 August, 2010.
Ross plans to continue operations from Codan Broadcast's current premises in Melbourne, Australia with the name of the business and product branding changing to Ross Video. Codan Broadcast products will become part of the Ross product portfolio.
Key new products that Ross will acquire include a flagship line of routing systems that will complement and enhance the already extensive Ross product portfolio. Codan Broadcast's significant presence in the Australian market will provide Ross with even greater access to and better support for Australian customers.
“We are excited about the addition of Codan Broadcast,” said David Ross, CEO Ross Video. “And have long admired the superior design and engineering of their products. We are delighted that they will become part of Ross and that customers globally will benefit from the dramatically expanded market access that Ross brings to the table.”
“We believe that this transition is great for Codan Broadcast customers”, commented Mike Heard, CEO Codan Broadcast. “Ross has a great reputation for customer service and support as well as a long track record of continuing to invest in product development and product enhancements.”
About Ross Video
Ross Video designs, manufactures and supports a wide range of innovative products for use in live production applications. Ross' award winning product line includes Vision, Vision Octane and CrossOver Video Production Switchers; openGear, RossGear and GearLite Terminal Equipment; SoftMetal Video Servers; OverDrive Production Control Systems and XPression Character Generators. Ross products are installed in over 100 countries around the world, where they are used daily by top broadcasters, production companies, sports stadiums, government agencies and houses of worship.
About Codan Broadcast
Codan Broadcast is a respected supplier of routers, interface products and audio monitors to the Australian and international broadcast markets. The company was formed by Codan Limited's acquisition some years ago of Provideo Systems Pty Ltd of Adelaide and Talia Sound and Vision of Melbourne.
About Codan Limited
Codan is a global leader in the design, manufacture and marketing of a diversified range of communications and metal detection products. The company was founded in 1959 and has grown to become a globally active company with its products found in over 150 countries.
For further information please contact:
Media Relations Coordinator
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Company Secretary & CFO
T. (08) 8305 0392
T. (08) 8305 0392