05.18.2004 12:00 PM
Leitch completes acquisition of Videotek

Leitch Technology has announced the completion of its acquisition of Videotek, a privately held video equipment company.

As previously announced, Leitch had entered into a definitive agreement April 18, 2004, to acquire all the shares of Videotek for a purchase price of about $18 million cash.

The first payment was $13 million paid out of the Leitch's cash balances. The remaining purchase price will be paid in two installments in six and 12 months. Leitch will account for this transaction as a purchase during the first quarter ended July 31, 2004.

For more information, please visit: www.leitch.com.

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