Allen-Vanguard acquiring Hazard

Allen%20Vanguard.jpgAllen-Vanguard Corp. signs a letter of intent to acquire all shares of UK-based Hazard Management Solutions Ltd. for $40 million in cash over three years. Privately-held HMS develops countermeasures for improvised explosive devices like homemade bombs. Its customers include the US and European military; police forces and oil companies. The company rang up 6.6 million pound sterling in fiscal 2006, largely on orders from the burgeoning US market. The deal is made possible by Allen-Vanguard’s recent improved revenues and bought-deal financing that raised approximately $50 million on the sale of 10 million shares to Versant Partners Inc. and Paradigm Capital Inc.

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