Cupertino Electric, Inc. Withdraws IPO Registration.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--June 18, 2001 Cupertino Electric, Inc., a leader in power and energy solutions, today announced that it has elected to withdraw the initial public offering of its common stock due to current market conditions. Cupertino Electric's financial performance continues to gain momentum. "Although our business continues to grow rapidly and stay highly profitable, it is our assessment that the climate for our public market offering needs to improve," said Cupertino Electric 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. Jim Ryley. "We believe that now is not the right time for Cupertino Electric to issue new equity since we have deep commitment from two significant firms, BankofAmerica Capital Investors SBIC SBIC Small Business Investment Company SBIC Sustainable Buildings Industry Council SBIC Singapore Bioimaging Consortium (Singapore) SBIC School Bus Information Council SBIC Saudi Basic Industries Corporation SBIC Scsi Bus Interface Controller and TA Associates." "As a $750 million company, Cupertino Electric continues its 47 year history of revenue and profit growth," said Roger Kafker, Managing Director of TA Associates, a private equity investment firm. "We at TA are excited that CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) can help California companies with all of their expansion plans and with their distributed power needs." Senior management will evaluate future prospects for an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. based on market conditions, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Earl Charles, Chief Financial Officer. About Cupertino Electric, Inc. Founded in 1954, Cupertino Electric Inc. (www.cei.com) provides total power and energy solutions, including backup energy systems and on-site permanent distributed electrical power generation facilities. Cupertino Electric is a leading provider of sophisticated electrical infrastructure solutions that deliver high quality, reliable power and speed-to-market for technology companies and other critical-use facilities and applications. Cupertino Electric's customers include leading corporations and institutions in technology-dependent markets, including the computer, Internet, semiconductor, software, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and biotechnology industries. Cupertino Electric has a comprehensive engineering and design staff including more than 75 experienced project managers and 2,000 skilled union electricians. Cupertino clients include Hewlett Packard, Intel, Microsoft and Oracle Corporation. |
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