[ACTM to raise $110 million by selling convertible notes.]
[Proceeds to be used to acquire GSS Array Technology Ltd.]
Company Press Release
SOURCE: ACT Manufacturing, Inc.
ACT Manufacturing, Inc. Announces Offering of Convertible
Subordinated Notes
HUDSON, Mass., April 6 /PRNewswire/ -- ACT Manufacturing,
Inc. (Nasdaq: ACTM - news) today announced that it intends,
subject to market and other conditions, to raise
approximately $100.0 million ($110.0 million, if the option
granted to the initial purchasers is exercised in full)
through an offering of convertible subordinated notes to
qualified institutional buyers.
The Company stated that it intends to use the net proceeds of
the offering for the proposed acquisition of the issued
shares and outstanding options of GSS Array Technology Public
Company Limited (GSS Thailand) and other general corporate
purposes, including other potential acquisitions.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the securities. Any offers of
the securities will be made only by means of a private
offering memorandum. The securities to be offered will not be
registered under the Securities Act of 1933 or applicable
state securities laws, and may not be offered or sold in the
United States absent registration under the Securities Act
and applicable state securities laws or available exemption
from such registration requirements.
ACT Manufacturing, Inc., headquartered in Hudson,
Massachusetts, provides value-added electronic manufacturing
services for original equipment manufacturers in the
networking and telecommunications, computer, and industrial
and medical equipment markets. The Company provides OEMs with
complex printed circuit board assembly primarily utilizing
advanced surface mount technology, mechanical and molded
cable and harness assembly, electromechanical subassembly,
and total system assembly and integration. The Company has
operations in California, Georgia, Massachusetts,
Mississippi, Mexico and Ireland.
Forward-looking statements in this release are made pursuant
to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. Investors are cautioned that
statements in this press release which are not strictly
historical statements, including, without limitation,
statements regarding the offering, the use of the proceeds
from the offering, the proposed acquisition of GSS
Thailand, the anticipated benefits of the GSS Thailand
acquisition, current or future financial performance,
management's plans and objectives for future operations and
management's assessment of market factors, as well as
statements regarding the strategy and plans of the Company,
constitute forward-looking statements which involve risks and
uncertainties. These risks include, without limitation, the
Company's ability to complete the offering and the
acquisition of GSS Thailand; the effectiveness of managing
manufacturing processes; financial results and shareholder
value; the Company's dependence on major customers; increased
competition and its effects on pricing, revenues and gross
margins, and the -- customer base; future customer demand;
the Company's ability to timely complete, configure and ship
products; the Company's increased international operations;
and changes, reductions, delays or cancellations of customer
orders. In addition, the Company's business and results of
operations are subject to numerous additional risks and
uncertainties, including the short-term nature of customer
orders, customers' announcements and introduction of new
products or new generations of products, evolutions in the
life cycles of customers' products, inventory obsolescence,
currency exchange rate movements, trends in the electronics
industry and changes or anticipated changes in market and
economic conditions. For a more detailed discussion of the
risks and uncertainties of the Company's business, please
refer to the Company's periodic reports and registration
statements filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the
period ended December 31, 1999.
SOURCE: ACT Manufacturing, Inc. |
