LOS ANGELES, California and BAARN, The Netherlands, February 8 /PRNewswire/ -- Commodore International Corporation ("Commodore", OTC: CDRL), the provider of digital media products and content distribution, and SupportPlus Europe BV ("SupportPlus"), a company active in sourcing and distribution of consumer electronic products, announced today that they have signed an agreement under which Commodore will acquire all shares of SupportPlus. This announcement follows an earlier press release on 21 October 2005. The acquisition will be paid partly in cash and partly in shares of Commodore and is expected to be formally closed in the next weeks, subject to certain conditions.
Since its inception in 1999, SupportPlus has become a leading supplier of consumer electronic products for audio, video, and domestic appliances markets in Europe and Australia. The company reported EUR 85 million in revenues in its financial year 2004/2005.
The acquisition provides Commodore with a unique opportunity to improve its services and product offering to its clients, while leveraging the distribution infrastructure and strong sourcing capabilities of SupportPlus in China. Commodore and SupportPlus have entered the US markets following the successful 2006 International CES in Las Vegas earlier this year. This transaction underlines the ambition of Commodore to become a key player in the markets of digital media products and content distribution.
SupportPlus was already an exclusive sourcing and distribution partner of Commodore before the transaction.
"The presence of SupportPlus in most key markets, their focused and successful sales force and extensive sourcing network in Asia strengthens Commodore's ability to develop and sell its premium products" said Ben van Wijhe, President & CEO of Commodore. He continues, "SupportPlus adds an important dimension to enhance our already strong value chain and will highly contribute to our ambition for a fast market penetration for Commodore Products".
Eugène van Os, Managing Director of SupportPlus, said "We are all excited to add the richness of a legendary brand to SupportPlus' proven-successful sales force. The combination of the strength and experience of the two companies sets a solid platform to take our joint business plan to the next level."
About Commodore International Corporation
Commodore International Corporation - which acquired Commodore International B.V. from Tulip Computers in 2005 - is a designer, creator and full-service provider of digital media products, content and services. The company sells a complete line of portable digital media products under the "Commodore" brand name, and provides legal music and media downloads - all with multi-channel distribution through broadband, cable and satellite. In addition, the company has developed several innovative media applications such as the Commodore MediaBox and the Commodore MediaTower.
About SupportPlus Europe B.V.
SupportPlus is a supplier of consumer electronic products in Europe, Asia, USA and Australia. It has offices in eight European countries and Hong Kong, Shanghai, USA and Melbourne in the Western Pacific region. SupportPlus was winner of the 2005 China Trader Award with its successful business model which is based on substantial product volumes in combination with an efficient distribution model. The company currently has over 150 employees in the fields of sourcing, quality assurances, sales and worldwide logistics.
For further information please contact the Commodore Press Department
Commodore International Corp. US
1875 Century Park East, Suite 2150
Century City, CA 90067, USA
E-mail: press@commodoreworld.com
Web: www.commodoreworld.com
Commodore International Corp. Europe, Hermesweg 15, 3741 GP Baarn , The Netherlands, Tel +31-(0)-35-543-0507, Fax +31-(0)-35-543-5054; SupportPlus Europe BV, Postbus 61, 7570 AB Oldenzaal, The Netherlands, Tel +31-(0)-54-153-7290, Fax +31-(0)-54-153-2018
