July 6

CSL Completes Management Buyout and Adds Strategic Investor


— RFID supplier positioned for future expansion with stronger engineering and production expertise —

HONG KONG — July 6th, 2016 — Convergence Systems Limited (CSL), a global provider of passive RFID products and active RTLS equipment, is pleased to announce that its management has completed the purchase of the company from the original investors. To support the projected growth of CSL, a major investment and long-term financial commitment was reached with CSL manufacturing partner, Seveco Global Limited, in conjunction with the buyout.  Seveco has been a primary manufacturing partner for CSL in recent years, as well as engaging in OEM manufacturing for many global companies requiring advanced products with various embedded radio platforms.

“We are pleased that our original investors supported our desire to complete a 100 percent acquisition of the company with a very smooth transaction. All of our team is extremely pleased and motivated by the outcome,” said Jerry Garrett, CSL Managing Director.  “The inclusion of Seveco as a strategic investor brings additional strong engineering and production expertise, as well as better economies of scale for expansion.”

“We are pleased to enter into this strategic investment with CSL, as they represent a strong global brand and a proven track record of engineering high-quality products for the RFID industry,” said  Ed Lee, Seveco’s Founder and CEO. “Seveco’s skills are very complementary with those of CSL, and we look forward to fully supporting them as they launch a series of new RFID products and solutions.”

CSL maintains business operations in three locations: Hong Kong is home to product development and global sales; Dongguan, China is the manufacturing site for all products; and Dallas, Texas is the site of warehouse operations for North American sales as well as local manufacturing requirements.  CSL will continue to support existing RFID product lines, and the company has plans for expansion.

About Seveco Global Limited

Seveco is a value-added OEM electronics product manufacturer. Founded in 1982, Seveco is a privately held company with headquarters located in Hong Kong and a manufacturing campus located in Dong Guan, China. www.sevecoglobal.com

About Convergence Systems Limited

Founded in 2000, Convergence Systems Limited is a leading design engineering and manufacturer of radio frequency ID (RFID) readers, antennas, modules, tags and custom designed OEM RFID products. CSL is unique in providing both passive Electronic Product Code™ (EPC) Gen 2 RFID products, as well as, a full line of active RTLS RFID products. CSL delivers a broad portfolio of RFID hardware that comply with global frequency certifications for retail applications, logistics management, supply chain, manufacturing, pharmaceutical, access control, transportation and other specialized uses. A member of standards organization RAIN RFID, AIM and EPC Global, CSL is headquartered in Hong Kong with global distribution channels. For more information, visit www.convergence.com.hk


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