FLIR Systems Completes Acquisition of Lorex Technology for $60

FLIR Systems Completes Acquisition of Lorex Technology for $60
Million 
PORTLAND, OR -- (Marketwire) -- 12/20/12 --  FLIR Systems, Inc.
(NASDAQ: FLIR) announced today that it has successfully completed its
previously announced acquisition of Lorex Technology Inc. for $1.32
per share, representing an aggregate purchase price of $60 million.
On October 25, 2012, FLIR announced it had entered into an agreement
to acquire Lorex subject to certain conditions. The transaction was
completed by a FLIR subsidiary purchasing all the outstanding shares
of Lorex followed by the amalgamation of that purchasing subsidiary
with Lorex, resulting in Lorex becoming a wholly-owned subsidiary of
FLIR. 
The acquisition was completed upon receipt of final court approval
from the Ontario Superior Court of Justice (Commercial List) of the
proposed plan of arrangement. The plan of arrangement was approved by
Lorex's shareholders at the special meeting of shareholders held on
December 13, 2012.  
Lorex, based in Markham, Ontario, is a pioneer in home security video
surveillance systems that can be installed by the user as well as a
provider of video surveillance products to security system
integrators. Lorex provides homes and businesses bundled video
surveillance systems and equipment that includes connected visible
light video cameras, illuminated infrared cameras, digital video
recorders, video monitors, baby monitors, and wearable action sports
cameras. The company sells its solutions through retailers such as
Costco, BJ's Wholesale, Amazon.com, and BestBuy.com, as well as
through distributors of large-scale security solutions. 
"Adding Lorex will complement our product and distribution
capabilities in our existing security markets," said Earl Lewis,
President and CEO of FLIR. "Additionally, we believe the business
will provide us an opportunity to expand our reach into several new
markets as we continue our strategy of lowering the cost to own
thermal technology." 
About FLIR Systems 
FLIR Systems, Inc. is a world leader in the design, manufacture, and
marketing of sensor systems that enhance perception and awareness.
The Company's advanced thermal imaging and threat detection systems
are used for a wide variety of imaging, thermography, and security
applications, including airborne and ground-based surveillance,
condition monitoring, research and development, manufacturing process
control, search and rescue, drug interdiction, navigation,
transportation safety, border and maritime patrol, environmental
monitoring, and chemical, biological, radiological, nuclear, and
explosives (CBRNE) detection. Visit the Company's web site at
www.FLIR.com.  
Forward-Looking Statements 
The statements in this press release by Earl Lewis and the other
statements in this release about the acquisition described above are
forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based
on current expectations, estimates and projections about FLIR's and
Lorex's businesses based, in part, on assumptions made by management.
These statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements due to
numerous factors, including the following: the possibility that FLIR
will experience difficulties in the integration of the operations,
employees, strategies, technologies and products of Lorex, the
potential inability to realize expected benefits and synergies,
changes in demand for FLIR or Lorex product, the impact of
competitive products and pricing, FLIR's continuing compliance with
U.S. export control laws and regulations, the ability of FLIR or
Lorex to manufacture and ship products in the time period required,
and other risks discussed from time to time in FLIR's Securities and
Exchange Commission filings and reports. In addition, such statements
could be affected by general industry and market conditions and
growth rates, and general domestic and international economic
conditions. Such forward-looking statements speak only as of the date
on which they are made and FLIR does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release for changes made to this
document by wire services or Internet service providers. 
Company Contact:
Shane Harrison
+1 503.498.3547
www.flir.com 
 
 
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