Aehr Test sells shares in Singaporean ATE distributor
By Silicon Strategies
12/18/2003 6:10 PM EST
URL: siliconstrategies.com
FREMONT, Calif.--Aehr Test Systems Inc., a supplier of semiconductor test and burn-in equipment, today (December 18, 2003) announced it plans to divest one-half of its shareholdings in its distribution and service partner, ESA Electronics Pte. Ltd., to IPCO International Ltd.
Under the terms, Aehr will sell the shares in ESA Electronics to management fund IPCO International of Singapore for $702,000.
Aehr plans to sell 12.5 percent of the outstanding shares of ESA Electronics, a Singaporean company that is the sales representative of the Fremont-based company. As a result, Aehr's ownership in ESA Electronics will be reduced from 25-to-12.5 percent.
In addition, according to the terms of the agreement between Aehr and IPCO International, Aehr will receive 5,607,143 shares of IPCO International stock, which shares will be released to Aehr Test only in the event that ESA achieves certain income milestones on or before its fiscal year ending October 31, 2005. |
