Titan Global Holdings, Inc. (Pink Sheets:TTGL), a diversified holding company, today announced the formation of Titan Electronics Asia, Inc. ("Titan Asia"), a wholly owned subsidiary of Titan Electronics, Inc., to capitalize on the expanding global printed circuit board market.
According to the Association of the Circuit Board Industry, the global printed circuit board market reached $51.5 billion in 2007. China, Southeast Asia and Japan accounted for a combined 73% of the global output in 2007. The domestic printed circuit board market grew to $6.3 billion in 2007.
Upon the recent realignment of management at Titan's Electronics Division, Titan's management announced its attention to focus on an aggressive business plan to build Titan's domestic production at its Fremont plant and its offshore production through strategic partnerships with Asian manufacturers.
"We formed Titan Asia to focus our offshore efforts in the hands of a focused team," said Mike Kadlec, President of Titan Electronics. "It will also provide greater financial transparency as to our financial progress both domestically and internationally. Our growing sales force and rep network will continue to offer global resources and capacity to our growing customer base."
"We have already built a core group of high quality offshore manufacturing partners," said Saul Kennedy, Senior Vice President of Titan Electronics. "We will continue to add Asian strategic manufacturing partners to our growing and robust capacity and product offerings. As we expand product offerings, we will apply rigorous overall standards to identify strategic partners that share our vision for quality and service."
"Our team at Titan Electronics will continue to examine the macroeconomic trends in the printed circuit board market and identify new means to create value for our shareholders," said Bryan Chance, President and Chief Executive Officer of Titan Global Holdings. "As the US domestic printed circuit board market now represents only about 12% of the global market, Mike and his team intend to pursue additional ways to create value. We completed the first step by right-sizing our domestic capacity through the sale of Titan PCB East. Now we are focused on growing Titan Asia which will only strengthen product offerings and results at Titan West."
About Titan Global Holdings
Titan Global Holdings is a diversified holding company with a dynamic portfolio of subsidiaries spanning international telecommunications, electronics and homeland security, consumer products and energy resources and distribution.
Titan's operating divisions include the following:
The Titan Global Energy Division owns and operates traditional and next-generation renewable energy and fuel assets that can provide significant opportunities for growth in one of the world's largest and most critical markets.
Titan's Communications Division serves the communication needs of those individuals that have emigrated from their host country to the United States or other countries and plans to addresses a range of high-growth markets in the international telecommunication segments, including communication technology, platform management, international wholesale communication and the distribution of prepaid international telecommunication products.
Titan Global Brands designs, develops, and distributes consumer products from value categories to high end branded categories, through its existing distribution channels and new ones suitable for such products. Together, it integrates, protects and expands its consumer brand management capabilities to leverage and optimize growth across Titan's worldwide distribution channels.
Titan Card Services plans to capitalize on the burgeoning multibillion-dollar international prepaid money transfer sector. Titan Card Services' proprietary technology provides for convenient and efficient international money transfers.
Titan's Electronics and Homeland Security Division includes Titan PCB East, Inc., Titan Electronics Inc., and NEO EMS, Inc. These companies specialize in the manufacture of advanced circuit boards and other electronic products for classified military and defense department customers, and other high-tech clients.
For more information, please visit: www.titanglobalholdings.com.
For investor-specific information and resources, visit http://www.trilogy-capital.com/tcp/titan/ or http://www.b2i.us/irpass.asp?BzID=1314&to=ea&s=0.
To view current news, visit http://www.trilogy-capital.com/tcp/titan/quote.html. To view an investor fact sheet about the company, visit http://www.trilogy-capital.com/tcp/titan/factsheet.html.
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TTGL could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
