Howard, Here's the press release announcing the closure of the acquisition (from 4/12)....
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SEMX Corporation's Polese Company Completes Acquisition of Advanced Packaging Concepts
ARMONK, N.Y., April 12 /PRNewswire/ -- SEMX Corporation ("SEMX" or the "Corporation") (Nasdaq: SEMX), announced that its wholly owned subsidiary, Polese Company ("Polese Company"), located in San Diego, CA, completed the acquisition of the assets of Advanced Packaging Concepts ("APC"), located in Vista, CA. Although specific terms of the transaction were not disclosed, the Corporation confirmed that the assets and selected liabilities of APC were acquired for cash. In addition, associated intellectual property rights were acquired for approximately 95,000 shares of restricted SEMX common stock, valued at $1,000,000. Polese Company manufactures specialty heat dissipation materials and value-added assemblies that incorporate its heat dissipation materials primarily for the wireless and Internet infrastructure markets. APC manufactures ceramic packages for the wireless markets. It is SEMX's intention to integrate APC's manufacturing into Polese Company's existing facilities as soon as practicable.
Frank J. Polese, President of SEMX's Materials Group and Polese Company, said, "In 1999 Polese Company initiated the strategy of expanding its services to its customers by providing assembled products which incorporated its heat dissipation materials. Our goal is to become the leading supplier of high power thermal packaging solutions. The acquisition of APC is an important step forward in the implementation of this strategy, as APC's proprietary "green tape technology" positions Polese Company to support the growing demand for high power, high frequency ceramic packages. In addition, this acquisition:
-- broadens Polese Company's product offerings with the addition of
multi-layer packages for high volume wireless communication
applications,
-- strengthens Polese Company's design and engineering capability for
microelectronic packaging, and
-- adds several major customers who have already qualified Polese
Company / APC and who have expanding production requirements.
"We expect to continue SEMX's focus on products and services that utilize Polese Company's capabilities to support the ever increasing demand for bandwidth in voice and data communications."
This release contains forward-looking statements. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, the status of the US and worldwide economies, the continued growth of the semiconductor and microelectronic industries, the continuation of the demand for Polese Company's heat dissipation products and its ability to integrate the APC business.
SEMX Corporation's Materials Group manufactures specialty materials and value-added assemblies incorporating its heat dissipation materials, primarily for the wireless and Internet infrastructure industries. Its products are key components in diverse industries and applications, including: wireless base stations, high bandwidth wireless and fiber optic voice and data communication systems, Internet and Intranet servers and routers, automotive, medical and other microelectronic devices and systems. Through its Services Group, SEMX reclaims silicon test wafers for the semiconductor industry. For further information, please contact the Corporation's Investor Relations Manager, Richard Graves, at 914-273-5500 or visit the Company's web site at semx.com.
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SOURCE: SEMX Corporation
CONTACT: Richard Graves, Investor Relations Manager of SEMX, 914-273-5500 |
