Centennial Technologies announces plans to redeem shares in Century Electronics.BILLERICA, Mass.--(BUSINESS WIRE)--May 30, 1997--Centennial Technologies, Inc. (Ticker: CENL CENL Conference of European National Librarians CENL Conference of European National Libraries ) announced today that it has entered into an agreement with its contract manufacturing subsidiary, Century Electronics Manufacturing This article presents a typical manufacturing process of an electronic assembly. Component manufacturing Components such as resistors, capacitors and integrated circuits are generally made by specialized contractors. , Inc., which, if consummated, would result in Century redeeming a portion of Centennial's interest in Century and reducing Centennial's interest in Century from approximately 67% to approximately 45%. The agreement contemplates an exchange by Centennial of 3,928,000 Century shares in return for $1.25 million in cash, a subordinated convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. with a face value of $6.0 million, and repayment of intercompany loans from Century to Centennial of approximately $4.2 million. In addition, Centennial would transfer its majority interest in Centennial Technologies (Thailand) Limited to Century. Century would retire 3,000,000 of the 3,928,000 Century shares exchanged under the agreement. The transaction is subject to a number of material conditions, and no assurance can be given that the agreement will be consummated. The parties plan to close the transaction by the end of June. Earlier today, DDL (1) (Data Description Language) A language used to define data and their relationships to other data. It is used to create the data structure in a database. Major database management systems (DBMSs) use a SQL data description language. Electronics, Inc. (NYSE NYSE See: New York Stock Exchange : DDL) announced that it had reached an agreement in principle with Century regarding the terms and conditions of a proposed merger of those two companies. In reference to 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 , the quotations above contain forward looking statements. The matters expressed in such statements are subject to numerous risks and uncertainties, including, without limitation, the ability of Centennial and Century to satisfy the conditions necessary to effect a closing of their proposed transaction, the impact of shareholder class actions suits against Centennial and their effect on Centennial's continued ability to operate, and other risks identified in filings made by Centennial Technologies, Inc. with the Securities and Exchange Commission (the "Commission") including Centennial's 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. filed with the Commission on September 30, 1996. CONTACT: Centennial Technologies Inc. Cheryl Byrne (508) 670-0646 |
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