Conceptronic approves special meeting of stockholders.PORTSMOUTH, N.H.--(BUSINESS WIRE)--Oct. 3, 1996--Conceptronic's Board of Directors has approved the convening of a special meeting of stockholders to consider increasing the number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of the company's Common Stock from 4,000,000 to 15,000,000 shares. The company is seeking $12,000,000 of equity capital to be used to finance future potential business acquisitions and/or investments and/or to promote growth of the company's forced conveyorized reflow oven A reflow oven is a machine used primarily for reflow soldering of surface mount electronic components to printed circuit boards. Types of Reflow Ovens Infrared and Convection Ovens product line through a limited non-public offering of a maximum of 4,000,000 shares of Class A Common Stock at a price of $3.00 per share. Under the terms of the non-public offering, at least 3,333,333 shares of Class A Common Stock must be purchased. The shares of Class A Common stock will be converted into shares of the company's Common Stock six to eight months after issuance at the greater of $3 per share or the net book value of the company upon the sale of the forced conveyorized reflow oven line. Upon commencement of the offering, Rainer H. Bosselmann, presently principal with Holding Capital Group Inc. and formerly president of Jupiter National Inc., will join the company as chairman of the company's Board of Directors and chief executive officer. Prime will continue as vice chairman and a director of the company. Bosselmann has agreed to purchase 666,670 shares of Class A Common Stock, for a purchase price of $2,000,010 in the offering. Chairman Garry Prime, stated, "Conceptronic exists in a very competitive segment of one of the world's most dynamic industries. We have successfully carved a niche and built a name that offers future potential. However, recent changes in our industry signal a series of follow-on adjustments that should present opportunities to grow and protect market share over the next twenty-four months. I believe having a strong financial footing is critically important to Conceptronic's long term strategic future. The private placement has the unanimous approval of the Board of Directors. I believe the energy, commitment, expertise and financial backing brought to Conceptronic by Rainer Bosselmann is extremely important, beneficial and well timed Adj. 1. well timed - done or happening at the appropriate or proper time; "a timely warning"; "with timely treatment the patient has a good chance of recovery"; "a seasonable time for discussion"; "the book's publication was well timed" . I fully expect to see a substantial improvement in general corporate matters in 1997 and beyond." This release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially include the following: general economic conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the 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 circuit manufacturing industry and related industries, including but limited to the printed circuit board industry; competitive factors and pricing pressures; changes in product mix; changes in the seasonality of demand patterns; the timely development and acceptance of new products; inventory risks due to shifts in market demand; component constraints and shortages; risks of nonpayment of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying ; ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale and expansion of manufacturing capacity; and the risks described from time to time in the company's SEC reports. Conceptronic Inc., (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 : CNCP CNCP Canadian Nursery Certification Program CNCP Canadian National/Canadian Pacific (telecommunications company) CNCP Canada Prenatal Nutrition Program CNCP Commonwealth National Competition Policy (Australia) ) designs and manufactures highly advanced, computer-controlled reflow soldering Reflow soldering is the most common means to attach a surface mounted component to a circuit board, and typically consists of applying solder paste, positioning the devices, and reflowing the solder in a conveyorized oven. equipment used in the electronic, SMT circuit manufacturing industry. Conceptronic is recognized as a leading worldwide supplier of conveyorized forced convective reflow ovens and component rework stations. Conceptronic products are preferred by many of the world's largest automotive, telecommunications, aerospace, computer and contract assembly manufacturers. CONTACT: Conceptronic Inc. William D. Gray 603/431-6262 |
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