Spire Corporation Announces Agreement To Transfer Optoelectronics Business For Approximately $13 Million In Cash
Bedford, Massachusetts. Today, Spire Corporation (NASDAQ:SPIR) announced the signing of the definitive agreement to sell to Methode Electronics, Inc. (NASDAQ:METHA) substantially all the assets of Spire’s optoelectronics business segment for $12,950,000 in cash.
"The transfer of Spire’s optoelectronics business to Methode positions that business well for commercializing the technologies it has developed," said Roger G. Little, President of Spire. "At the same time, it allows Spire to strengthen its financial position, to pursue more aggressively its Spire Solar and Spire Biomedical businesses, and therefore to enhance Spire’s future."
Completion of the transaction is subject to the receipt of appropriate government approvals, and the approvals of the respective Boards of Directors as well as Spire shareholders. The Company anticipates holding a Special Meeting of Stockholders during December to vote on the transaction. The Proxy Statement has been filed with the U.S. Securities and Exchange Commission for approval to submit to the Company’s Stockholders.
Founded in 1969, Spire Corporation is a leading supplier of manufacturing equipment and technology for assembling terrestrial photovoltaic modules from solar cells. In addition, Spire Corporation is a leader in the improvement of implantable medical devices through specialized proprietary surface treatments. Methode Electronics, headquartered in Chicago, Illinois, manufactures component devices for Original Equipment Manufacturers (OEMs) of information processing and networking equipment, voice and data communications systems, consumer electronics, automobiles, aerospace vehicles and industrial equipment. Products employ electrical, electronic and fiber optic technologies in communications data links, interconnections and controls.
Certain matters discussed in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company’s filings with the Securities and Exchange Commission.
For more information contact: Roger G. Little, Chairman, President & Chief Executive Officer.
Roger G. Little, Chairman, President & Chief Executive Officer.
http://www.spirecorp.com
Web site: http://www.spirecorp.com
