FOR IMMEDIATE RELEASE
Media Contact: Cindy Gladner:
Office: (800) 275-8558
Fax: (425) 629-4816
Remote Control Technology Sells Irrigation Division
Remote Control Technology, Inc. (RCT) announced today that it has agreed to sell its irrigation division to TRC Irrigation Remotes, LLC of Kirkland, Washington. TRC Irrigation Remotes, LLC will acquire all the assets related to RCT’s handheld wireless irrigation remote control devices, associated receiver cards and accessories including the popular Commander and Sidekick FM systems.
For over 20 years irrigation contractors have relied on these systems to improve the efficiency of their work crews and greatly increase the profitability of irrigation system maintenance. With a handheld TRC remote control one maintenance worker can control any irrigation system for maintenance checks, service or supplemental watering from up to 5 miles away. Permanent receiver cards even permit the operator to interrupt regular controller operation for up to seven days to prevent watering if inclement weather is forecast or a system is under repair. With over 5,000 wireless remote controls in the field and over 90,000 permanent connectors installed, RCT’s irrigation division is the irrigation industry’s dominate manufacturer of commercial grade wireless remote controls.
While declining to give specific financial details of the transaction, Michael Lien, RCT President, commented, “this transaction will generate significant cash for RCT which we will use to fund our explosive growth in the industrial wireless market. Our applications for wireless pump control, our military wireless landing light systems and our industrial wire replacement products have been growing at over 60% per year for the last three years and we anticipate accelerated growth in 2006. While our irrigation division is very profitable, the distribution channels, customers and growth potential are not compatible with our other industrial markets.”
TRC, Irrigation Remotes, LLC is a new Washington state business formed by a group of private equity investors for the express purpose of acquiring the irrigation assets of RCT. “Our investor group recognized that as a stand alone business RCT’s irrigation division could generate significant cash flow and continue to grow. We are all excited to be able to focus on continuing to design, manufacture and marketing of the highest quality commercial remote controls in the industry. We anticipate no significant changes to our existing customer relationships. All our TRC employees have worked at RCT for many years,” stated Cindy Gladner, President of TRC Irrigation Remotes, LLC.
Said Steve Wilson, owner of Eagle Sales, an RCT manufacturer’s representative, “we have known for some time that RCT was looking to sell their irrigation division. We are pleased that they have found a financial buyer who will continue to operate the business without the major changes that an irrigation manufacturer or distributor might have made.”
With the close of this transaction, TRC Irrigation Remotes, LLC will become the irrigation industries’ only manufacturer of receiver cards specifically designed for Rain Bird, Hunter, Irritrol, Weathermatic, HIT, Superior, and Griswold controllers, as well as universal 24VAC wireless remote control systems.