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Written by THE CANADIAN PRESS
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Wednesday, 23 July 2008 |
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VANCOUVER - Xantrex Technology Inc. (TSX:XTX) shares soared more than 20 per cent in early trading after the company announced that it was in exclusive negotiations to sell itself.
Its stock climbed $2.17 to a four-year high of $12.79 on the Toronto Stock Exchange Wednesday morning.
The Vancouver-based maker of electrical current-control technology provided no details on the talks and said there is no assurance the negotiations will lead to a transaction.
Xantrex, which is to report its second-quarter results next Tuesday, has a current TSX market value of $322 million after a 12 per cent upward jolt Tuesday.
The company earned $541,000 in the first quarter as revenue increased more than 50 per cent to $62 million, with notable strength in the renewable power business.
Xantrex, whose products convert raw and variable electricity from renewable, programmable and mobile power systems into high-quality power required by electronic equipment, has facilities in Vancouver, three American states, Spain and England.
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Last Updated ( Sunday, 07 September 2008 )
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