BARRANQUILLA, Colombia--(BUSINESS WIRE)--
Tecnoglass, Inc. (NASDAQ:TGLS; OTCBB:TGLSW) ("Tecnoglass" or the
"Company") today announced that it acquired selected assets of
Glasswall, LLC, a Miami, Florida-based manufacturer of impact-resistant
windows and door systems used in high-rise commercial and residential
As part of the transaction, Tecnoglass acquired: a 160,000 square foot
warehouse / manufacturing /office facility in Miami; manufacturing and
assembly equipment; and Miami-Dade Notice of Acceptance (NOA) for
products manufactured and sold by Glasswall. Total consideration
consisted of $4.0 million in Tecnoglass stock and a 15-year, $5.0
million term loan that Tecnoglass secured to acquire the facilities.
José M. Daes, Chief Executive Officer of Tecnoglass, commented, "We
expect that this transaction will generate considerable near- and
long-term benefits for Tecnoglass. We immediately broadened our product
portfolio and client base. We have also consolidated the south Florida
market, as Glasswall was a competitor known for its quality products,
exciting design, and client service. Tecnoglass's U.S. sales continue to
rise, and we remain committed to expanding our presence in this country.
The acquired facilities will help support this growth by establishing a
U.S. base for Tecnoglass. Although we will continue to manufacture at
our 2.3 million square foot facility in Barranquilla, Colombia, we can
now perform select manufacturing and light assembly in the U.S., which
will enhance client service and create certain cost efficiencies."
Glasswall was founded in 2002 by Ugo Colombo, a south Florida
residential and commercial real estate developer. In 1986, Mr. Colombo
founded CMC Group, a fully-integrated real estate development company
focused on residential, commercial, and retail properties. CMC Group has
developed more than 10 million square feet of commercial and luxury
residential real estate, including landmark projects in Brickell, South
Beach, Aventura, Miami Beach, and Coconut Grove.
Mr. Daes continued, "From a business development perspective, we expect
that Tecnoglass will supply impact-resistant windows and doors for four
south Florida properties being developed by CMC Group. These commercial
and residential projects, which will be similar in scope to CMC Group's
previously-developed properties, are expected to commence at various
times during 2015, 2016, and 2017. We anticipate entering into our
initial agreement with CMC Group by mid-2015."
Mr. Colombo stated, "Tecnoglass has been a respected competitor of
Glasswall for many years. I have come to know the quality of its
products and service, and the vision of its management team. I am
pleased to have become a shareholder, and look forward to a long,
mutually-beneficial working relationship."
Mr. Daes concluded, "Through CMC Group, Ugo Colombo has helped redefine
the south Florida skyline and rejuvenate communities. We are excited at
the prospect of working together."
Tecnoglass is the #1 architectural glass transformation company in Latin
America, providing hi-spec glass, windows and aluminum products for the
global residential and commercial construction industries. Headquartered
in Barranquilla, Colombia, Tecnoglass operates out of a 2.3 million
square foot vertically-integrated, state-of-the-art manufacturing
complex that provides easy access to the Americas, the Caribbean, and
the Pacific. Tecnoglass sells to more than 800 customers in North,
Central and South America, with the United States accounting for
approximately 36% of Company revenues in 2013. Tecnoglass's tailored,
high-end products are found on some of the world's most distinctive
properties, including the El Dorado Airport (Bogota), Imbanaco Medical
Center (Cali), Trump Plaza (Panama), Trump Tower (Miami), and The
Woodlands (Houston). For more information, please visit www.tecnoglass.com
Forward Looking Statements
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding future financial performance, future
growth and future acquisitions. These statements are based on
Tecnoglass's current expectations or beliefs and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements herein due
to changes in economic, business, competitive and/or regulatory factors,
and other risks and uncertainties affecting the operation of Tecnoglass'
business. These risks, uncertainties and contingencies are indicated
from time to time in Tecnoglass's filings with the Securities and
Exchange Commission. The information set forth herein should be read in
light of such risks. Further, investors should keep in mind that
Tecnoglass' financial results in any particular period may not be
indicative of future results. Tecnoglass is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise.
José M. Daes
Chief Executive Officer
Chief Operating Officer
Equity Group Inc.
Devin Sullivan, 212-836-9608
Source: Tecnoglass, Inc.
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