Cerplex announces sale of InCirT Technology contract manufacturing operation, letter of intent signed, purchase to be made in cash and stock.TUSTIN, Calif.--(BUSINESS WIRE)--April 17, 1996--Cerplex (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPLX), specializing in service outsourcing for the high technology industry, Wednesday announced it has signed a letter of intent to sell its InCirT Technology contract manufacturing operation to Pen Interconnect Inc. (NASDAQ:PENC PENC Professional Engineers of North Carolina and PENCW) for approximately $5.8 million payable in cash and common stock. The acquisition, which is subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the satisfaction of certain contingencies, is expected to close by April 30, 1996, although Pen has taken over operational control effective April 1. The agreement also includes the sale to Pen of certain Cerplex assets related to MASS Microsystems, a portion of Cerplex's business that manufactures the MiniMASSter PCMCIA Card See PC Card. Reader/Writer product line. "We are continuing to refine our core business focus, and have found that contract manufacturing in the Southern California market, though successful, does not fit into our key areas of business," said James T. Schraith, president and chief executive officer of Cerplex. "Our focus is to provide service excellence in product repair and remarketing, parts service and logistics, and knowledge based support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the high technology industry. With that in mind, it makes sense to sell the InCirT division to Pen. The sale increases our flexibility to carry out our strategy in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European markets." InCirT will continue to operate in its current location at Cerplex's Tustin, Calif. facility under leasing arrangements agreed upon by both parties as a constituent of the purchase. During the calendar year of 1995, InCirT produced revenues of approximately $13 million. InCirT provides ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002-certified assembly and testing services for printed circuit boards and subsystems. InCirT performs advanced surface mount (SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management ) and through-hole (TH) technologies. About Pen Interconnect A ten-year-old company with headquarters in Salt Lake City, Pen Interconnect Inc. is a leading developer and manufacturer of internal and external custom cable interconnections for original equipment manufacturers (OEMs) in the computer, computer peripheral, telecommunications, instrumentation and testing equipment industries. About Cerplex Cerplex is a global leader in service outsourcing for the high technology industry. As the largest independent repair and logistics organization in the world, Cerplex provides service programs tailor-made to customer needs. Cerplex offers product services for electronic equipment in the industries of computer and peripherals, telecommunications and office automation. The company provides product repair and remarketing, parts services and logistics, and knowledge based support services. CONTACT: Cerplex Bruce Nye, 714/258-5603 bnye@cerplex.com or Pen Interconnect Wayne R. Wright, 801/973-6090 |
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