VerticalBuyer, Inc. (OTCBB: VBYR), a Company involved in the development of industry-specific Internet websites, announced that it has completed the acquisition of Litech Ltd., ("Litech"), a U.K.-based corporation, in exchange for 500,000 shares of VerticalBuyer common stock. Additional terms of the closing included further incentives for Litech's management based upon Litech's earning performance going forward.
The Company said that the acquisition was the first in VerticalBuyer's strategy to acquire high-margin, growth businesses involved in the rapidly growing market for fiber optic technologies in the areas of lighting and communications.
Litech is a designer and manufacturer of fiber optic lighting applications for the entertainment, commercial and retail markets. Litech is involved in all stages of the fiber optic lighting process, from design and specification to manufacture of specialist fittings and installation. The underlying technology produces multiple streams of light from a single remote light source with the possibility to create numerous special effects.
VerticalBuyer, Inc. is the holding company for a network of early-stage Internet sites formed to develop B2B exchanges and e-commerce opportunities, initially within the global commercial lighting and electrical markets. The Company's primary focus is on serving the needs of small to medium-sized buyers. For more information, visit www.lightingbuyer.com and www.lightingnews.com.