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Waytronx - CUI Acquisition Information
 
What?
  • Waytronx, a publicly traded cooling technology company, has purchased CUI.
    We are excited to announce that CUI has been purchased by Waytronx, a publicly traded organization that holds patents and sells licensing for cutting-edge electronics cooling technology. Joining forces with Waytronx affords CUI the opportunity to become a publicly traded company, but Waytronx is not a huge conglomerate looking to take us over. Waytronx focus will be to bring business opportunities to CUI and to grow the investor base. The relationship is modeled after the idea of partnership, rather than ownership.
    •  
    When?
  • May 19, 2008
    •  
    Why?
  • Jim McKenzie wants to sell the company, but wants to do so with a long-term profitability strategy in place—one that will ensure that CUI’s mission and business practices remain intact and move the company in a positive direction.
    This acquisition represents a unique opportunity for Jim McKenzie, founder of CUI, to be able to partner CUI with a company that he knows well and that already understands and believes in CUI’s mission and business practices. As well, this opportunity will allow CUI employees to become financially invested in the company, which is a goal that is in alignment with our values of investing in our employees. By teaming up with Waytronx, a publicly traded company, CUI can meet these objectives. Both Jim and current management see this move as a way for us to meet our goals while maintaining our values and our commitment to our employees.
    •  
    What is changing?
  • We will be a publicly traded company with increased public reach and earning capabilities. All employees will be eligible for stock ownership.
    The biggest change is that we will now be a publicly traded company, greatly increasing our public reach, our earning capabilities, and our ability to offer employees a stake in the profits. We will now be able to offer stock in the company to our employees. Matt McKenzie will officially take the title of President of CUI. We will be welcoming Bill Clough as CEO of Waytronx.
    •  
    What is not changing?
  • Mission and core values, our employees, and our ways of doing business.
    Our core values and mission will remain the same. As Matt McKenzie formally takes over as President of CUI, he will maintain the same integrity and dedication to the company, its employees, and its customers as it has always had. Waytronx has no intention of taking over CUI’s daily operations. We will still manage our employees and the decisions we make for our business.
    •  
    Questions & Answers

    Are the decision makers changing?
    Yes. Jim McKenzie is moving on, and Matt McKenzie is taking over as President of CUI. He will also be the COO of Waytronx. Bill Clough will be CEO of Waytronx and CUI, but he will not have direct involvement in CUI’s operations. Dan Ford will be CFO of both organizations.

    Will CUI now be called Waytronx?
    No. We will still be called CUI.

    What is the relationship of CUI to Waytronx?
    CUI will now be a wholly-owned subsidiary of Waytronx, Inc. What this means for CUI is that Waytronx is leaving all personal and management in place to continue to operate like CUI always has. CUI will maintain its own books, name, website, etc. Waytronx will be the vehicle by which interest in CUI will be traded publicly. Separately, but in conjunction with CUI business partners, Waytronx will work on developing its own portfolio and products.

    Who do I write my checks to?
    CUI. However, we do have a new tax ID number.

    What does Waytronx do? What is WayCool technology?
    Waytronx holds a portfolio of licensable patents on advanced cooling technology. Their technology addresses the problem of microwarming in electronics—a problem that limits the capacity of technology to advance without cost-prohibitive methods of cooling. These products work to cool heat-intense products like high-end computer processing chips and lasers.

    Will CUI be selling Waytronx products?
    Right now Waytronx works on a licensing model. As the products are further developed, there is a possibility CUI will sell these products, but it is not in the immediate plans.

    Will there be staff changes? Will I still be working with the same people?
    Other than the changes mentioned above, there are no planned changes to management or employee staff that are specifically related to the merger.

    Where can I get more information?
    The press release on the deal is located here: >>PRESS RELEASE
    The Waytronx website is located here: www.WAYTRONX.com

     
     
     
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