Elexsys to acquire surface mount assembly company and relocate headquarters and backpanel assembly operations.SUNNYVALE, Calif.--(BUSINESS WIRE)--April 23, 1996--Elexsys International 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 :ELEX ELEX Electronic ELEX Naval Electronic Systems Command ELEX Electronics Exercise ) announced today that it has signed a letter of agreement to acquire the assets of Anetec Technology Inc., a privately held surface mount assembly company. Elexsys will also relocate its corporate headquarters and backpanel assembly operations to a larger facility in 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. Acquisition Anetec, located in Fremont, Calif., employs approximately 90 employees and had sales of approximately $3.4 million in 1995. Anetec serves the small prototype and engineering "labor only" marketplace using Siemens and Mydata equipment. Both parties anticipate that the final acquisition agreement will be signed on or about May 30, 1996. Under the terms of the acquisition, Anetec will become a division of Elexsys. Helen Kwong, founder of Anetec, will remain as president. "We are experiencing growth in our surface mount backpanel assembly product," said Barry Hegarty, president and 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. of Elexsys. "The acquisition of Anetec's assets, coupled with its experienced staff, will help us meet the demand without a ramping up period." New Headquarters Elexsys has also signed a seven-year lease with South Bay/Fortran, a California limited The California Limited was one of the named passenger trains of the Atchison, Topeka and Santa Fe Railway and a true "workhorse" of the railroad. It was assigned train Nos. 3 & 4, and its route ran from Chicago, Illinois to Los Angeles, California. partnership, for approximately 66,000 square feet of office and manufacturing space in the nearby city of San Jose. The new complex, at 4405 Fortran Court, is more than twice the size of the company's current headquarters and manufacturing plant in Sunnyvale. Elexsys expects to occupy the new building by August 1, 1996. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve additional risks and uncertainties, related to the operations of Elexsys including the risks associated with the intended acquisition of Anetec and the subsequent move to the company's new plant in San Jose. Certain of these factors, as well as additional risks and uncertainties, are detailed in Elexsys International's periodic filings with the Securities and Exchange Commission, including its Annual Report on 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. for the year ended Sept. 30, 1995. Elexsys International Inc. is one of the country's leading manufacturers of high-performance medium-and high-density multilayer circuit boards, backpanel assemblies and sophisticated subsystem assemblies. The company offers advance interconnect solutions for the telecommunications, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , computer, industrial, medical and instrumentation markets. Elexsys' common stock is traded on the Nasdaq National Market, under the symbol ELEX. Further information on Elexsys International may be obtained from the company's SEC filings or by contacting the company directly. CONTACT: Elexsys International Inc. Michael Shimada, 408/743-5400 or Stapleton Communications Inc. Laura Dayton, 415/988-9207 |
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