This is huge news IMO...stock at 2 5/8 at 11.00a...also running under Teradyne's symbol on NYSE...gpg
10 min later...vol and price beginning to react...vol 240,000 and ask and paid 2 3/4...gpg
(BSNS WIRE) Compositech Ltd. Signs Supply and Joint Product Development
Compositech Ltd. Signs Supply and Joint Product Development Agreement With
Teradyne
Business Editors
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 22, 1999--
Teradyne Adopts CL200+ Laminates As An Enabling Technology
For Complex Backplane Designs
Compositech Ltd. (NASDAQ: CTEK), which manufactures high-tech
laminates for the printed circuit fabrication industry, announced at
its annual meeting today that it has entered into a supply agreement
with Teradyne Inc.'s (NYSE: TER) Connection Systems Division in
Nashua, New Hampshire. The agreement, effective June 1, 1999, is the
result of Teradyne's extensive production testing and customer
qualification of Teradyne complex backplanes incorporating
Compositech's unique CL200+ filament wound laminates.
The electronic materials supply agreement, which is renewable,
includes a minimum annual purchase commitment for the first year, a
joint development program for high performance laminates and
documentation of CL200+ performance in a high volume backplane
manufacturing environment.
"This agreement marks the first large customer commitment to the
use of CL200+ laminates and we look forward to the opportunity to
serve Teradyne's most advanced backplane requirements. Sales resulting
from the Teradyne agreement, combined with the recently announced
qualification of CL200+ by Sun Micro-Systems (NASDAQ: SUNW) and other
sources, should enable Compositech to reach an annualized sales rate
in excess of $8.0 million by the end of 1999, with continued rapid
growth in fiscal year 2000," said Chris Johnson, President and CEO of
Compositech.
"CL200+ laminates deliver superior dimensional stability and
lot-to-lot consistency compared with conventional copper-clad
laminates and meet the most demanding requirements of printed circuit
board designers and fabricators. We are focusing on the high-density,
multilayer portion of the laminates market which we estimate to be
currently in excess of $500 million worldwide with an annual growth
rate of more than 25 percent," Johnson added.
Commenting on the significance of adopting new technologies such
as Compositech's CL200+ laminates, Tom Pursch, Teradyne's Backplane
Business Manager said, "Our OEM customers increasingly require higher
performance, higher speeds, higher layer counts and higher densities
from their electronic interconnection systems. In the next generation
of backplane technology, connectors represent part of the solution,
but innovative printed circuit board materials will also play an
important role. Compositech's CL200+ laminates are an enabling
technology to help us meet our customers demand for increased
performance."
About Teradyne
Teradyne is the world's largest manufacturer of automatic test
equipment (ATE) for the electronics industry. Products include systems
to test semiconductors, circuit boards and modules, telephone lines,
computerized telephone systems and software. The company is also a
leading manufacturer of backplanes and associated high density
connectors used in electronic systems. Headquartered in Boston,
Massachusetts, Teradyne had 1998 sales of approximately $1.5 billion.
About Compositech
Compositech Ltd. develops, produces and markets innovative
copper-clad and fiberglass epoxy laminates used to make printed
circuit boards which are essential components of personal computers,
workstations, data communication, Internet servers and
telecommunications equipment.
The statements made in this press release contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of 1934
that involve a number of risks and uncertainties. Actual events or
results may differ from the Company's expectations. In addition to the
matters described in this press release, risk factors listed from time
to time in the Company's SEC reports and filings, including, but not
limited to, its report on Form 10-QSB for the quarter ended March 31,
1999 and its report on Form 10-KSB for the year ended December 31,
1998, may affect the results achieved by the Company.
--30--rc/ny*
CONTACT: Compositech Ltd.
Christopher F. Johnson, President & CEO
516/436-5200
or
Teradyne, Inc. - Connection System Div.
Christopher Van Veen
Marketing Communications Manager
603/879-3446
or
Porter, LeVay & Rose, Inc.
Martin Skala, V.P.
Bill Gordon, Sr. V.P.
212/564-4700
KEYWORD: NEW YORK NEW HAMPSHIRE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
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