SigmaTron completes acquisition of Wagz
ELK GROVE VILLAGE -- SigmaTron International Inc. Monday said it has completed its previously announced merger with Wagz Inc., a maker or smart dog collars and other pet technologies based in Portsmouth, New Hampshire.
Wagz is now a wholly-owned subsidiary of SigmaTron. Under the final agreement, the current shareholders of Wagz, excluding SigmaTron, will receive a total of 1,5 million newly issued shares of SigmaTron common stock.
"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," said Terry B. Anderton, Wagz co-founder and chief executive officer. "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."
SigmaTron is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products.
"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," said Gary R. Fairhead, SigmaTron's chairman and chief executive officer.
The Wagz Freedom Smart Dog Collar combines GPS tracking with a monitoring system that allows owners to create virtual fences using their smartphones.