Jan. 29, 2002 – Armonk, NY – SEMX Corp. has entered into a letter of intent with an undisclosed party to sell the stock of American Silicon Products, B.V., its European-based wafer reclaim services operation which is located in the Netherlands.
Terms of the letter of intent were not disclosed and are subject to the completion of due diligence and requisite approvals. It is expected that it will take approximately 60 to 90 days to complete the transaction. SEMX previously announced that it had entered into a letter of intent to sell its domestic wafer reclaim operation.
Frank Polese, president and CEO, commented, “The signing of this additional letter of intent reinforces Management’s commitment to focus on SEMX’s core business — proprietary thermal management materials, microelectronic ceramic packages and interconnect products for critical microelectronic component manufacturers and assemblers.”
SEMX also said that it has become aware of rumors that it is in discussions regarding a possible strategic combination.
Gilbert Raker, SEMX chairman, stated, “The corporation from time to time engages in discussions with other parties with regard to possible strategic combinations. If and when any such discussions lead to a definitive agreement that is deemed by the board of directors to be in the best interests of SEMX’s stockholders, the corporation will announce the same. With respect to any such discussions, it is important to keep in mind that there is no assurance that any such discussions will lead to a definitive agreement or that the conditions necessary for confirmation can be achieved.”