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Aurora Solar Technologies Announces Corporate Update Regarding Its Integration of BT Imaging and Strategic Direction of Combined Company
Thursday, July 13, 2023Company Profile | Follow Company
North Vancouver, BC, July 13, 2023--(T-Net)--Aurora Solar Technologies Inc. (TSX.V: ACU) provided an update regarding the integration of the acquisition of BT Imaging Pty Ltd. ("BTI") and the strategic direction for the combined business.
Aurora has been focused on the integration of BTI resulting in efficiencies and business focus together with a comprehensive market survey to better position the Company for growth.
Integration efforts included the closing of the Aurora Chinese office and maximizing synergies among sales, technical and administration teams. Aurora's personnel are now fully integrated within the BTI teams performing important roles critical to the progression of the BTI business.
In addition, the Company has been able to recruit experienced employees and industry experts as consultants to improve the execution capability of the combined business.
The Company is now in the process of establishing a strategic advisory board and hiring a Managing Director to run the BTI business which is expected to be completed shortly.
The Company says it is well positioned to leverage its core competencies of photoluminescence ("PL") imaging products, machine learning and smart factory solutions.
As part of the integration, the fiscal year end of the BTI business has been changed to March 31st and the Company says it is currently undergoing its audit that is expected to be completed next month.
BTI's existing products remain in demand and the Company's sales are progressing well and within management expectations consistent with its forecasting at the time of acquisition.
Working capital has been used to meet the demand for sales and for the above referenced integration and acquisition costs and is expected to normalize within the second half of the calendar year.
The BTI business remains self-funding.
Recently, the Company says it has been focused on a detailed market survey to better position the combined business for growth.
This initiative has initially focused on top tier suppliers and customers in solar cell and module manufacturing.
The purpose of this work is to accelerate short term growth through a well-defined product and market strategy that can be reinforced with an active capital markets presence.
The Company has entered into a number of confidentiality agreements focused on opportunities to gain a larger percentage of the factory floor of its customer base through increased supply.
Collaboration is focused on leveraging the Company's PL products, machine learning and smart factory capabilities while operational performance is being addressed by reducing production lead times and product manufacturing costs.
The Company's core products remain in demand for off line production applications and through collaboration it is confident it will be able to expand into inline PL systems within the solar cell and module production lines.
Third party feedback from the market survey and recent conferences have validated the Company's competitive advantages and opportunities associated with machine learning and smart factory solutions that leverage the Company's PL imaging platforms, according to the company.
Since the acquisition of BTI, the Company has been able to realize synergies and pivot towards product and market opportunities in order to grow the combined business. The Company has built itself into a machine vision solutions provider for material inspection and process control systems to the solar industry and emerging industrial processes focused on automation, inspection of critical materials and smart factory concepts.
About Aurora Solar Technologies and BT Imaging
BT Imaging Pty Ltd. is a globally recognized technology leader in proprietary photoluminescence (PL) measurement products for material inspection and quality control throughout the solar wafer, cell and module value chain. Aurora Solar Technologies Inc. ("Aurora"), a related metrology and software company, acquired BTI with the aim to leverage its strong metrology platforms and computer vision capabilities to support its smart factory solutions that embrace emerging trends in automation and process control.
Aurora's and BTI's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Sydney, Australia, Shanghai, China, and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at www.aurorasolartech.com.
BT Imaging's website is located at www.btimaging.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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