MTI Global Inc.
TSX : MTI

MTI Global Inc.

July 13, 2007 08:28 ET

MTI Strengthens North American Silicone Division

Completes Acquisition of Mold-Ex Inc.-Silicone Division

MISSISSAUGA, ONTARIO--(Marketwire - July 13, 2007) - MTI Global Inc. (MTI) (TSX:MTI) announced today the completion of an Agreement to purchase the assets of the Silicone Division of Mold-Ex Inc., based in Pensacola, Florida. The total value of the transaction is US$3 million.

President and Chief Executive Officer, Bill Neill commented, "The addition of Mold-Ex Inc. Silicone Division to MTI's North American Silicone Division will be immediately accretive to earnings and will strengthen our business in many sectors including automotive and aerospace.

"The Mold-Ex Silicone Division is a great strategic fit and consistent with our overall growth strategy. It provides us with a broader product offering and will allow us to further grow our customer base," he added.

MTI Global plans to integrate the Mold-Ex Silicone division into current North American Silicone operations. Gregg Strangways, MTI's North American and Asian Vice President commented that a full review of Mold-Ex operations and product lines will begin immediately to ensure that all available synergies will be realized.

The Silicone Division of Mold-Ex Inc. has yearly revenues of over US$8.6 million, and will contribute $1.5 million in EBITDA annually as a result of synergies expected to be realized from the acquisition.

Mold-Ex Inc. produces a wide variety of industrial silicone products, including specialty sun-roof seals and high-pressure silicone hoses, that are complementary to the processes and products of MTI.

About MTI Global

MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI also produces and distributes specialty silicone elastomer products. MTI's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in Sterne SARL of Cavaillon, France. MTI's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond and Buchanan, Virginia; Bremen, Germany; and a joint venture in Baja, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil.

The company's website is www.mtiglobalinc.com.

The foregoing press release contains forward-looking statements and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that could cause results or events to differ from current expectations include the impact of price and product competition, general industry and market conditions and growth rates and reliance on key customers. For additional information with respect to these and other factors, see the reports filed by MTI Global Inc. with the Ontario Securities Commission. MTI Global Inc. disclaims any intention or obligation to update or revise any forward-looking statements.

Contact Information

  • MTI Global Inc.
    Bill Neill
    President and CEO
    (905) 564-9700
    Email: mti@magnifoam.ca
    Website: www.mtiglobalinc.com
    or
    Fleishman-Hillard Canada
    Anne Lachance
    Investor Relations
    (416) 214-0701