Crystallume announces administrative and financial restructuring.WESTBOROUGH, Mass.--(BUSINESS WIRE)--Dec. 1, 1995--Crystallume (BB: CRYS, CRYSW) today announced a restructuring of its diamond products operations to improve operating results and focus more closely on its use of chemical vapor deposition Chemical vapor deposition (CVD) is a chemical process used to produce high-purity, high-performance solid materials. The process is often used in the semiconductor industry to produce thin films. ("CVD CVD Cardiovascular disease, see there ") technology in its electronic applications. The restructuring involves consolidating Crystallume's administrative and financial functions at its executive offices in Westborough, Massachusetts and reducing its direct marketing expenses in its diamond products division. In conjunction with the restructuring, Paul McIntire, President and former Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Laurie Conner, Vice President of Sales and Marketing, and Jeffrey Osorio, former Vice President of Finance, will be leaving the Company. John Herb, Vice President of Product Development, will assume responsibility for Crystallume's diamond products operations. To account for the restructuring, principally severance payments to the departing employees, Crystallume anticipates taking a charge to earnings of approximately $500,000 for the quarter ending December 31, 1995. Don McGuinness, Chairman and Chief Executive Officer, stated, "We continue to believe that there is a significant opportunity for CVD diamond technology. We will continue the current activities of Crystallume as well as pursue new electronic packaging opportunities. I am confident that Crystallume can maintain its position in the diamond coated tooling business under this structure." On October 10, 1995, Crystallume completed its acquisition of Electronic Designs, Inc. ("EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. "), a profitable manufacturer of high density memory components used in commercial and military systems. EDI remains a wholly-owned subsidiary of Crystallume. EDI is a manufacturer of high density memory components used in commercial and military systems. EDI also designs and manufactures flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time units suitable for avionics and other specialty applications using active matrix liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. glass and other components purchased from suppliers. Crystallume develops and manufactures advanced synthetic diamond products for the automotive, aerospace and electronics industries. CONTACT: CRYSTALLUME/EDI, Westborough Donald F. McGuinness, Chief Executive Officer Frank D. Edwards, Sr. VP Finance & CFO See Chief Financial Officer. 508/366-5151 or WOLFE AXELROD ASSOCIATES, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Donald F. McGuinness, Chief Executive Officer Frank D. Edwards, Sr. VP Finance & CFO 508/366-5151 |
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