QWIP Systems and Cantronic to combine

June 14, 2006
June 14, 2006, Edmonton, Alberta, Canada, and Vancouver, B.C., Canada--QWIP Systems Inc. and Cantronic Systems Inc. will consolidate under the name Cantronic Systems Inc. ("New Cantronic"). Cantronic, an IR camera manufacturer, and QWIP, a detector and sensor manufacturer, are both eight years old. The transaction is expected to close by September 15, 2006.

June 14, 2006, Edmonton, Alberta, Canada, and Vancouver, B.C., Canada--QWIP Systems Inc. and Cantronic Systems Inc. will consolidate under the name Cantronic Systems Inc. ("New Cantronic"). Cantronic, an IR camera manufacturer, and QWIP, a detector and sensor manufacturer, are both eight years old. The transaction is expected to close by September 15, 2006.

Under the terms of the letter of intent, shareholders of Cantronic will receive, in exchange for each common share in Cantronic, one common share of New Cantronic, and shareholders of QWIP will receive, in exchange for each common share in QWIP, 0.9 common shares of New Cantronic. Upon completion of the amalgamation, the board of directors of New Cantronic will consist of five directors, consisting of four representatives appointed by Cantronic and one representative appointed by QWIP.

QWIP, through its US subsidiary, holds a worldwide exclusive license on the quantum-well IR photodetector technology, originally developed at the NASA Jet Propulsion Laboratory (Pasadena, CA), noted James Zahn, president and CEO of Cantronic. "This acquisition not only provides us with a source for detector technology and a closer relationship with the US government, but also allows us to establish a US presence, which Cantronic views as an important next step in its growth plan."

"Mr. Zahn is well-respected in the industry and is cultivating some major partnerships," stated Neil McLennan, President and Chairman, QWIP.

It is expected that New Cantronic will continue to maintain the existing manufacturing facilities of Cantronic and QWIP in both British Columbia and California and that New Cantronic's head office will be in the Vancouver area.

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