PV Nano Cell signs LOI for the acquisition of DigiFlex

Dr Fernando de la Vega, CEO of PV Nano Cell

PV Nano Cell Ltd., an innovative producer of single-crystal, metal nanometric-based conductive digital inks with headquarters in Israel, announced that the company signed an LOI to acquire all of the outstanding shares of DigiFlex Ltd., which develops, manufactures and distributes the DigiFlex Flexojet inkjet-based printing system, in an all-stock transaction valued at approx. US$10M.

"We have entered into this transaction because of the synergies between DigiFlex and PV Nano Cell, which we hope will generate significant global sales opportunities for both our product lines and create near and long-term value for our shareholders. Specifically, DigiFlex offers PV Nano Cell a number of key printer technologies and inks that will allow us to implement a comprehensive 'Complete Solution Approach' for our customers. As a result, we will have the unique ability to support additive digital design, prototyping and mass production of electronic devices, such as PCBs, all in one. We believe this approach will be very attractive to customers, especially when coupling it with our cost-efficient and mass production compatible line of Sicrys silver and copper conductive inks," said Dr Fernando de la Vega, CEO of PV Nano Cell. "We are honoured that DigiFlex's investors have chosen to join us and we welcome them as shareholders in PV Nano Cell."

"The acquisition of DigiFlex will support a strategy to go to market with a printer system that has been praised industry wide. The efficiency, accuracy, narrow patterning and multi-ink, multi-layer capabilities of the DigiFlex FlexoJet is an attractive solution for design, prototyping and small batches production of electronic devices. These capabilities can be directly transferred to mass production printers that are part of PV Nano Cell's customer focused 'complete solution' approach," continued Dr de la Vega.

Under the terms of the agreement, DigiFlex shareholders will receive one share of PV Nano Cell common stock for each two shares of DigiFlex common stock they hold. At the completion of the transaction, DigiFlex shareholders will own approximately 33.3% of the combined company. The transaction is conditioned on the successful completion of the ongoing due diligence process and the completion of definitive agreements. A US$2.7M investment from existing and new investors is a condition to closing. In addition, the LOI includes a timeline of four to six weeks to complete the acquisition and the share swap, allowing the combined company to commence implementation of both technologies into a market-ready solution. 

PV Nano Cell will maintain DigiFlex as a wholly-owned subsidiary that will oversee development, manufacturing and distribution of the DigiFlex Flexojet printing systems. PV Nano Cell CEO, Dr Fernando de la Vega will lead the process of efficiently joining the two companies into one integrated organisation. Both PV Nano Cell and DigiFlex will continue to be based in Israel. In addition, under the LOI, Kenneth Levy, a founding investor in DigiFlex may appoint a director to PV Nano Cell's board of directors.  

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