Feb. 13, 2002 – San Diego, CA – Patriot Scientific Corp. (PTSC) has signed a letter of intent to acquire Aspect SemiQuip International (ASI), a privately held manufacturer of capital equipment used in the production of semiconductor chips.
The acquisition is subject to negotiation of a definitive agreement, completion of due diligence, and final approval by the boards of directors of the two companies. Although the purchase price has not been announced, the letter of intent provides for PTSC to pay for 100% of the issued and outstanding stock of ASI with a combination of cash, installment note, and preferred stock.
Upon completion of the acquisition, scheduled for March 15, 2002, the parties intend that ASI will continue to conduct business from its existing facilities near Phoenix, AZ, and at its 8,000 square foot facility near Dallas, TX, as a wholly owned subsidiary of PTSC.
No changes in ASI management or employees are anticipated.