Mullica Hill, N.J.-based Equitech International Corp. is growing physically and geographically through the acquisition of a majority stake in CompSOL USA and the resolution of a licensing dispute with Berlin-based ColVisTec AG.
Founded in 1995, Equitech focuses on optical technology to run continuous quality control in-line and in real time as opposed to taking samples to a laboratory every few hours.
Over the years, the company invented and developed an industrial process spectrophotometer (IPS) called EquiSpec IPS that uses the UV-Vis region of the electromagnetic spectrum as well as fiber-optic probes to continuously measure color and chemical concentration in real time on the production line. The system can withstand the noise, vibration, dust, humidity and changes in temperature common in manufacturing operations.
To expand its product line with opto-electronic devices, Equitech acquired an 81 percent stake in Charlotte, N.C.-based CompSOL USA in August.
Then, to extend its reach, Equitech settled a licensing dispute that will let it market its EquiSpec IPS and new products in Europe and the Middle East, according to Equitech CEO Jaime Gómez.
"The future of Equitech is bright," Gómez said in an email. "We have a great product that helps the industry cut costs and avoid waste, and we will be launching two new products in 2022."
Equitech officials also signed an agreement with Aguilar & Pineda Asociados SL to distribute Equitech products in Europe and establish its European headquarters in Barcelona.
In addition, Equitech set up a global OEM sales program so the manufacturers of extruders, feeders and other processing equipment can work with Equitech experts to integrate optical technology into their control and process management systems.
Next, the company is seeking $4.2 million from investors to finalize the development of two new products geared toward the semiconductor and the automotive industries, primarily, and to advance its current in-line spectroscopy systems.
The next-generation EquiSpec IPS is said to capture real-time analytical information so processors reduce or even eliminate "off-spec" products and the associated waste.
Equitech officials are seeking investors to advance its technology "towards a full self-correcting production line," according to an online request for backers, who in exchange would receive 442,105 shares of common stock, resulting in a 17.09 percent ownership interest in the company.
For an individual investor, the exchange would create the largest single shareholder position in the company.