ADFlex Thailand Facility Ahead of Plan; Company Expands Majority Ownership.CHANDLER, Ariz.--(BUSINESS WIRE)--Sept. 30, 1997--ADFlex Solutions Inc. (Nasdaq/NM:AFLX) Tuesday announced the purchase of the minority interest held in its joint-venture company in Thailand from Hana Microelectronics PLC, its partner in that start-up operation. The company and Hana Microelectronics, a Thailand-based electronics manufacturer, formed the joint venture in August 1996 as ADFlex Thailand Ltd. (ATL (Active Template Library) A set of software routines from Microsoft that provide the basic framework for creating ActiveX and COM objects. Stemming from the standard template library (STL) that comes with C++ compilers, ATL includes an object wizard that sets up ) with 80 percent owned by ADFlex and 20 percent owned by Hana. Under the terms of the purchase, ADFlex acquired Hana's 20 percent equity in the joint venture and expanded its ownership of ATL to 100 percent. Commenting on the purchase, ADFlex Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Rolando C. Esteverena stated: "ADFlex's manufacturing expansion into Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. was initially set up as a joint venture to enable, with the help from Hana, a rapid startup. This worked out well, and we are pleased with the results. ATL came on line successfully, achieved qualification for advanced chip-on-flex (COF) processes and ramped multiple products into volume production ahead of schedule. "The timing of the purchase of Hana's equity in ATL coincides with the completion, ahead of plan, of production transfer from the United Kingdom to Thailand, and the expectation that there will be a need for expanded manufacturing capacity in Thailand during 1998. The one-stop-shop strategy ADFlex is implementing offers advantages to our customers that we anticipate will contribute to future growth." Today, ADFlex operates production facilities in Chandler; Agua Prieta Agua Prieta is a town and municipality in the northeastern corner of the Mexican state of Sonora (). It stands on the U.S.-Mexico border, adjacent to the town of Douglas, Arizona, USA. The municipality covers an area of 3,631.65 km² (1,402. , Mexico; Lamphun, Thailand; and a technology and pilot production facility in Havant, England. Sales, customer support and design centers are strategically located near customer sites around the world. The corporate headquarters is located in Chandler. ADFlex Solutions is a leading supplier of flexible circuit-based interconnect solutions to the computer, computer peripheral, communication and other industries. Applications for flex-based interconnects include cellular telephones, hard disk drives and other storage systems, high-end consumer products, notebook computers, pagers and personal communications systems. -0- Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including, but not limited to, the continuing ability of the Thailand facility to successfully qualify new processes, parts and programs and to increase production, risks of fluctuations in customer demand and other factors that will impact the need for and success of expanded manufacturing capacity in Thailand and elsewhere during 1998 and thereafter, and other risks detailed in the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1996, quarterly reports on form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31, 1997, and June 30, 1997, and other Securities and Exchange Commission filings. CONTACT: ADFlex Solutions Inc., Chandler Rolando C. Esteverna, 602/963-4584 or Silverman Heller Associates Eugene Heller, 310/208-2550 |
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