AUGUST 28--The previously announced spin-off of the microdisplay division of Three-Five Systems Inc. (TFS; Tempe, AZ; www.threefive.com/) will become effective September 15, 2003, according to the company. When the spin-off is completed on that date, the division will operate as a separate company called Brillian Corporation.
To effectuate the spin-off, the TFS board of directors has approved a pro rata distribution to TFS stockholders of all of the outstanding shares of common stock of Brillian Corporation. Each TFS stockholder of record at the close of business on September 4, 2003, will be entitled to receive 0.25 of a share of Brillian Corporation common stock for every one share of TFS common stock held on that date.
Jack Saltich, president and CEO of TFS, said, "This spin-off is an opportunity for the shareholders of TFS to own stock in two very exciting public companies. We expect that the spin-off will facilitate the growth of the microdisplay business, allow TFS' stockholders to participate directly in the growth potential of Brillian Corporation, and enable TFS to more quickly return to profitability." As previously announced, Saltich will remain president and CEO of TFS. He will also serve as chairman of the board for Brillian Corporation; Vincent Sollitto will serve as Brillian president and CEO.
After the spin-off, TFS and Brillian Corporation will each continue to maintain corporate headquarters in the Tempe, AZ, facility, which is owned by TFS and houses Brillian Corporation's high-volume microdisplay manufacturing operations. Brillian will also maintain its personal display systems group in Boulder, CO.
Brillian Corporation will continue to focus on developing, manufacturing, and marketing innovative, high-performance, cost-effective microdisplay products and systems. These products address both existing and emerging markets, including rear-projection high-definition televisions, multimedia front projectors, and near-to-eye products, such as monocular or binocular headsets or viewers for industrial, medical, military, commercial, and consumer applications.