Amerigon to Acquire a Majority Interest in W.E.T. Automotive Systems for $55 per Share

Amerigon Incorporated ARGN today announced that it had entered into a purchase agreement with shareholders representing 75.6 percent of the voting shares of W.E.T. Automotive Systems. Under the terms of the agreement, Amerigon would purchase all of the shares held by such shareholders at a price of euro 40 per share (or $55 per share at a euro/$1.37 exchange rate). Concurrent with such transaction, Amerigon intends to launch a tender offer for the remaining voting shares of W.E.T. at the same price. Based on the 3,040,000 voting shares in W.E.T. presently outstanding, the transaction would value W.E.T. at euro 121.6 million (or $166.6 million at a euro/$1.37 exchange rate). W.E.T.'s reported worldwide revenues for the year ended December 31, 2010 were approximately euro 227 million (or $311 million at a euro/$1.37 exchange rate).