Thomas Equipment Acquires Wireless Handset Manufacturer

Thomas Equipment has announced that its subsidiary, Thomas Ventures has purchased the handset manufacturer, Tcomt for US$7.8 million. For the years ending December 31, 2004 and 2005, Tcomt generated sales of $7.4 million and $3.6 million. In connection with the acquisition of Tcomt, the sole shareholder, Clifford Rhee, entered into an employment agreement with Tcomt.

Founded in 2003, utilizing its staff of over 50 designers, engineers, researchers, technicians and sales support staff, Tcomt is primarily engaged in the design and development of consumer-oriented communication technologies and their related products for cellular service carriers such as LG Telecom, China Unicom, and KDDI.

Tcomt has developed over 22 products for 7 major organizations in the industry and estimates that over 3 million units of these various products designed by Tcomt have been sold in the Asian cellular wireless marketplace.

Tcomt management intends to expand its operations with the introduction of recent proprietary technologies and services as well as the manufacturing of its advanced product. Exploiting its "design and supply approach" to the marketplace, the management team has several purchase orders pending with telecommunications firms in Asia. This new initiative places Tcomt as an Original Design and Manufacture company (ODM). Tcomt has access to multiple revenue streams not only through direct payments for services rendered, as well as royalty and residual revenues."

Posted to the site on 3rd April 2007