Expanding.......good news abound, hope to see some up action monday.
Buckfa
Company Press Release
Aavid Thermal Technologies Announces Expansion
Company Continues International Expansion and Strengthens Financial Position
CONCORD, N.H.--(BUSINESS WIRE)--Dec. 19, 1997-- Aavid Thermal Technologies, Inc. (Nasdaq:AATT - news) announces an expansion of its manufacturing capacity and the closing of additional financing in order to meet the increasing demand for its products and services.
Aavid added a 40,000 square foot manufacturing facility in Guang Dong Province, in the Peoples Republic of China. The new facility is dedicated to lower cost manufacturing of active thermal management solutions for the computer segment of Aavid's thermal products business. Aavid also received a private equity investment of $7 million from a corporate investor and increased its borrowing facility with its primary bank by $10 million. The equity investment was for 297,872 shares of unregistered common stock, plus warrants for an additional 50,000 shares of unregistered common stock.
According to Ron Borelli, Chief Executive Officer of Aavid, ''The expansion of our markets has created business opportunities for us throughout the world. We are moving to take advantage of these opportunities, adding this new manufacturing facility in China to our recently announced manufacturing facility in Manchester, New Hampshire, both dedicated to thermal management products. We are also pleased to have the new equity and expanded borrowing base to finance our continued growth.''
''Our business continues to be on track from prior quarters. Our goal remains to continue our position as the leading provider of thermal solutions for the electronics industry worldwide,'' Borelli concluded. |
