Granite Bay Technologies, Inc. Finalizes Acquisition of Manufacturing Facilities.
ROCKLIN, Calif.--(BUSINESS WIRE)--April 18, 2001
Granite Bay Technologies, Inc. (OTC Symbol: GBAY) announced today that its wholly owned subsidiary, International DisplayWorks, Inc., ("IDW") a Delaware corporation, located in Rocklin, California has, through its wholly owned subsidiary, International DisplayWorks (Hong Kong) Ltd. ("IDWHK"), completed all matters relating to the previously announced acquisitions of MULCD Microelectronics Company Ltd. (MULCD) and IDW Shenzhen Technology Development Company Ltd. (IDWT), manufacturing facilities based in the People's Republic of China.
A final negotiated payment of approximately $820,000 was made to Vikay Industrial Limited, a Singapore SESDAQ listed Corporation, which was operating under judicial management. Vikay was the previous owner of MULCD and IDWT.
Company President, Blair Mullin commented further, "The finalization of these matters provides the Company with two solid benefits. Firstly, the Company gains greater financial flexibility. Secondly, it better enables the Company to pursue listing on the Over-the-Counter Bulletin Board or Nasdaq markets. These benefits significantly improve the opportunities for the Company and its shareholders."
About Granite Bay Technologies
Granite Bay Technologies Inc. wholly owns International DisplayWorks, Inc. GBAY's website is: www.granitebaytechnologies.com.
About International DisplayWorks
International DisplayWorks, Inc. is a manufacturer and distributor of liquid crystal displays, modules and assemblies for major OEM applications. The Company owns 270,000 square feet of manufacturing facilities in the People's Republic of China and employs approximately 1,279 persons. Sales offices are located in Rocklin, CA, Hong Kong and Singapore The International DisplayWorks, Inc. website is www.idwlcd.com.
NOTE: The foregoing is news relating to Granite Bay Technologies, Inc. ("the Company") and International DisplayWorks, Inc. (IDW) and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation, IDW (as defined herein) and the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other related documents filed with the Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by, the Company, IDW or GeoMarketing and is meant purely for informational purposes.
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|Date:||Apr 18, 2001|
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