StockerYale announces sale of two business units
MARCH 2--StockerYale (Salem, NH) has completed the sale of two of its business units that it previously announced it was exiting effective December 31, 2005.
MARCH 2--StockerYale (Salem, NH) has completed the sale of two of its business units that it previously announced it was exiting effective December 31, 2005. The company's StockerYale Asia subsidiary has been sold to Radiant Scientific Pte. Ltd., and the company's fiberoptic lighting business has been sold to Techni-Quip Corp. of Pleasanton, CA. The two business units were sold for total consideration of $1.1 million, which included $525,000 in cash and the assumption of approximately $570,000 of liabilities. The sale to Radiant, which was founded by the company's Singapore management team, was structured as a stock sale, and the sale to Techni-Quip was in the form of an asset purchase. In addition, the company agreed to supply specialty fiber products to Techni-Quip over a five-year period with a minimum value of $275,000 and a maximum value of $550,000.
"These sales bring the company further along its stated goal of focusing on its three core businesses: lasers, LEDs, and specialty optical fiber, while maximizing the value of discontinued operations," said Mark W. Blodgett, chief executive officer. "We wish both buyers continued success in their businesses and StockerYale will continue to have close working relationships with both buyers," concluded Blodgett.
For more information about StockerYale and its products, visit the company's Web site at www.stockeryale.com or contact StockerYale at 32 Hampshire Rd., Salem, NH, 03079. Call (800) 843-8011, Fax (603) 893-5604, or e-mail: email@example.com.