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Electroglas Announces Signing of Letter of Intent to Sell San Jose Campus
Thursday December 2, 7:45 am ET
SAN JOSE, Calif.--(BUSINESS WIRE)--Dec. 2, 2004--Electroglas, Inc. (Nasdaq:EGLS - News), a leading supplier of wafer probing and test handling solutions for the semiconductor industry, today announces that a non-binding letter of intent has been signed to sell its San Jose Campus.
"The San Jose Campus was built when manufacturing was located in San Jose," said Keith Barnes, Electroglas president and CEO. "Manufacturing has since been moved to Singapore and we have refocused on our core prober business, therefore the current campus is not being fully utilized. By selling the campus, we will be able to reduce overhead cost significantly."
Pending finalization of the anticipated sale of the campus, terms were not disclosed. Should a definitive agreement occur and a sale of the campus close, the company will provide a financial update at that time.
About Electroglas
Electroglas is a supplier of innovative probers, prober-based test handlers, test automation software and services that improve the overall effectiveness of semiconductor manufacturers' wafer and device testing processes by delivering faster answers to questions about device quality, manufacturing performance and corrective action needed. Headquartered in San Jose, California, the company has been a leading equipment supplier to the semiconductor industry for over four decades, and has an installed base of more than 15,000 systems worldwide. Electroglas' stock trades on the Nasdaq National Market under the symbol "EGLS." More information about the company and its products is available at www.electroglas.com.
Safe Harbor Statement
This news release contains forward-looking statements including statements relating to Electroglas' business outlook and the company's future performance and operational improvements, including anticipated reduction in overhead costs, and potential sale of the company's campus. Electroglas assumes no obligation to update this information. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Electroglas' business in general, see the risk disclosures in Electroglas' SEC filings, including its most recent Annual Report on Form 10-K for the year ended December 31, 2003 and its Quarterly Reports on Form 10-Q filed from time to time with the SEC.
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Source: Electroglas, Inc. |
