Kulicke & Soffa Chairman Announces Adoption of Securities Trading Plan Under SEC Rule 10b5-1
Monday November 24, 4:28 pm ET
WILLOW GROVE, PA--(MARKET WIRE)--Nov 24, 2003 -- Kulicke & Soffa Industries, Inc. (NasdaqNM:KLIC - News) today announced that its chairman and chief executive officer, C. Scott Kulicke, has established a plan under Rule 10b5-1 of the Securities and Exchange Commission, to provide for pre-determined sales of a portion of his K&S common stock, subject to certain price restrictions and other contingencies.
Under the plan, Mr. Kulicke will sell up to 20,000 shares per month over a one-year period beginning December 1, 2003. The maximum number of shares that may be sold during this period represents approximately 15% of Mr. Kulicke's current holdings of K&S common stock and exercisable options to purchase common stock and one half of one percent of the currently outstanding common stock of K&S.
Rule 10b5-1 permits the implementation of a written plan for selling company stock at times when insiders are not in possession of material non-public information. It allows them to sell shares on a regular basis, regardless of any subsequent material Non-public information they receive or the price of the stock at the time of sale. Sales under the plan will occur in a systematic manner with the goal of minimal market impact by spreading such sales over an extended period of time than would be available using the Company's traditional "window period." These sales will enable Mr. Kulicke to gradually diversify his assets for estate planning purposes.
About Kulicke & Soffa
Kulicke & Soffa (NasdaqNM:KLIC - News) is the world's leading supplier of wire bonding equipment in the semiconductor assembly market. K&S is the only major supplier to the semiconductor industry that can provide customers with wire bonding equipment along with the complimenting packaging materials and test interconnect products that actually contact the surface of the customer's semiconductor devices. These products include: test probes; bonding wire; and capillaries, which provide an all-inclusive interconnect process when used with the company's wire bonding equipment. In addition, the company offers Flip Chip wafer bumping services and technology. Chip scale and wafer level packaging solutions include Ultra CSP® technology. Test interconnect products include standard and vertical probe cards, ATE interface assemblies and ATE boards for wafer testing, as well as test sockets for all types of packages. Kulicke & Soffa's web site address is kns.com.
Caution Concerning Forward Looking Statements
This press release contains forward-looking statements which are found in various places throughout the press release. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, those listed or discussed in Kulicke & Soffa Industries' 2002 Annual Report on Form 10-K and: the risk of failure to successfully manage our operations; the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the risk that anticipated cost savings will not be achieved; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with a substantial foreign customer and supplier base and substantial foreign manufacturing operations; potential instability in foreign capital markets; and other key factors that could adversely affect our businesses and financial performance contained in past and future filings and reports, including those with the SEC. Kulicke & Soffa Industries is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Company Contact:
Michael Sheaffer
215-784-6411
215-784-6167 fax
msheaffer@kns.com
Source: Kulicke & Soffa |
