TERA news last night with FLEX ...
biz.yahoo.com
Monday January 14, 7:50 pm Eastern Time
Press Release
SOURCE: Flextronics
Flextronics Acquires Engineering Design Service Operation From TeraForce
SINGAPORE and RICHARDSON, Texas, Jan. 14 /PRNewswire-FirstCall/ -- Flextronics (Nasdaq: FLEX - news) and TeraForce Technology Corporation (OTC Bulletin Board: TERA - news) today announced an agreement in which Flextronics Design, a business unit of Flextronics, has acquired the engineering design service operation from TeraForce's wholly-owned subsidiary, DNA Enterprises, Inc. As part of the agreement, initial cash proceeds and additional credit to TeraForce and its subsidiaries will be issued to which TeraForce will assess Flextronics Design's vast resource of engineering services.
DNA's technical staff offers a broad range of skill sets across hardware, software, systems engineering and embedded digital signal processing (DSP) applications for the embedded and high-speed communications marketplace. The deal will provide Flextronics Design with 25 engineers, who will be integrated with the Company's current 42 engineers in Richardson, Texas.
``With significant expertise in electrical engineering and embedded software design, this talented team enables Flextronics Design to extend our capabilities to meet the growing demand for these services from our customers,'' stated Ron Snyder, President of Flextronics Design. ``We welcome the new engineers to the group and their expertise in the area of hardware and software design capabilities.''
``Our arrangement with Flextronics Design provides important strategic and financial benefits for our Company going forward since we will be transferring an organization associated with a design services operation that has become inconsistent with TeraForce's new product initiatives,'' commented Herman Frietsch, Chairman and CEO of TeraForce Technology Corporation. ``We will now be able to concentrate on expanding opportunities for the growing defense electronics business conducted by DNA Computing Solutions while continuing to have access to engineering design services from Flextronics Design to supplement the engineering staff of DCS.''
About Flextronics
Headquartered in Singapore, Flextronics is a world-class Electronics Manufacturing Services (EMS) provider focused on delivering operational services to branded technology companies. With fiscal year 2001 revenues of USD$12 billion and approximately 70,000 employees, Flextronics is a major global operating company with design, engineering, manufacturing and logistics operations in 28 countries and four continents. This global presence allows for manufacturing excellence through a network of facilities situated in key markets and geographies that in turn provide its customers with the resources, technology and capacity to optimize their operations. Flextronics' ability to provide end-to-end operational services that include innovative product design, manufacturing, IT expertise and logistics has established the Company as the top-tier EMS provider. For further information, please visit www.flextronics.com.
About Flextronics Design
Flextronics Design, a business unit of Flextronics, incorporating Semiconductor Design (ASICs), Industrial Design, Mechanical Design, Electrical Engineering, Software and Test Development, is a full-service product development group focused on creating innovative, market-leading products. Flextronics Design provides design, engineering and test development for branded technology companies worldwide. Designing products with the background knowledge available to one of the world's largest manufacturers improves product functionality, lowers cost and reduces time-to-market while simultaneously increasing a product's manufacturability. For more information, please visit www.flextronics.com.
About TeraForce Technology Corporation
Based in Richardson, Texas, TeraForce Technology Corporation designs, develops, produces and sells high-density embedded computing platforms and digital signal processing products, primarily for applications in the defense electronics industry. The Company is also involved, through its subsidiaries or joint venture arrangements, in the design and sale of optical networking equipment and the design of Internet infrastructure equipment. TeraForce's primary business units are DNA Computing Solutions, Inc., www.dnacomputingsolutions.com, Aegean Networks Incorporated, www.aegeannetworks.com, and Centauri NetSystems Corporation, www.centaurinetsystems.com.
This release contains forward-looking statements and information relating to Flextronics and TeraForce that are based on the companies' beliefs as well as assumptions made by and information currently available to them. These forward-looking statements involve a number of risks and uncertainties that may cause results to vary from expectations. Actual results could differ materially from those projected in such forward-looking statements. Information concerning certain factors that could cause actual results to differ materially is included in the Company's Forms 10-Q and 10-K filed recently with the SEC. The forward-looking statements in this news release are based on current expectations. Neither company assumes any obligation to update these forward-looking statements.
SOURCE: Flextronics |
