Bye bye SFLX. Early termination of HSR waiting period.
Wednesday July 28, 9:01 pm Eastern Time
Company Press Release
Smartflex Announces Early Termination of the Waiting
Period for Acquisition by Saturn
TUSTIN, Calif.--(BUSINESS WIRE)--July 28, 1999--Smartflex Systems, Inc. (Nasdaq: SFLX - news) announced today that the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, applicable to the acquisition of shares of common
stock of Smartflex by Saturn Electronics & Engineering, Inc. was terminated early and that neither the Federal Trade Commission
nor the Antitrust Division of the United States Department of Justice has requested additional information in connection therewith.
Accordingly, the condition of the tender offer relating to the expiration of the applicable Hart-Scott-Rodino waiting period has been
satisfied. Pursuant to a merger agreement among the companies, SSI Acquisition has offered $10.50 in cash per share for all issued
and outstanding stock of Smartflex. The tender offer is scheduled to expire at 12:00 midnight, New York City time, on Wednesday,
August 11, 1999, unless extended.
Based in Tustin and founded in 1985, Smartflex is an electronics manufacturing services (EMS) expert in precision, automated
manufacturing. The services of Smartflex optimize and accelerate product realization -- the process from product concept through
volume manufacturing.
Saturn, whose corporate headquarters are located in Auburn Hills, Mich., is a privately-held company providing electronic and
electromechanical systems for automotive and non-automotive applications. Since its inception in 1985, Saturn has filled a niche in
the electronics marketplace by offering innovative products and solutions to Fortune 500 firms. Saturn is well known for its flexible
and high-reliability manufacturing, and is positioned as a full-service global supplier to the automotive, commercial and defense
markets.
This release contains forward-looking statements, including each statement of management's opinions, expectations, plans, and
objectives for future operations that involve risks and uncertainties. Actual results could differ materially from these expectations as
a result of various factors, and therefore we caution investors against ascribing undue weight thereto. The factors include, but are
not limited to, the ability to effectively identify, investigate, conclude, integrate and manage acquisitions or large-scale projects, to
manage the transition of manufacturing operations, qualification of manufacturing processes, efficient utilization of manufacturing
facilities and financial resources, the ability to retain and attract qualified personnel, international currency fluctuations, and future
financial, economic, competitive and market conditions and their potential direct or indirect effect, including cancellations of orders
included in backlog. These and other factors are also discussed in Smartflex Systems' 10-K, 10-Q and other filings made previously
or from time to time with the Securities and Exchange Commission.
Contact:
Smartflex Systems, Inc.
William Healey, 714/838-8737 (CEO)
John Hohener, 714/838-8737 (CFO) |
