NORWOOD, Mass., June 12, 2015 (GLOBE NEWSWIRE) -- Xcerra Corporation (Nasdaq:XCRA), today announced that it has signed a non-binding letter of intent with Fastprint Hong Kong Co., Ltd., a wholly owned subsidiary of Shenzhen Fastprint Circuit Tech Co., Ltd ("China Fastprint"), for the sale of Xcerra's semiconductor test interface board business based in Santa Clara, CA ("Interface Board Business").
The terms of the potential transaction include, among other things, the sale of most of the assets, certain liabilities, and the transfer of all of the employees associated with that business for a purchase price of $23 million, subject to further due diligence and negotiations between the parties. Post closing, Xcerra's integrated test cell offerings will not be impacted by the sale of the Interface Board Business because we expect to offer the same services to our customers through a preferred supplier agreement with China Fastprint.
The principle terms for the intended sale of the Interface Board Business to China Fastprint have been agreed to in a non-binding letter of intent. The potential transaction is subject to, among other things, further due diligence, the negotiation and agreement on terms of a definitive and binding purchase and sale agreement, and customary closing conditions, including applicable corporate and governmental approvals.
Pro forma and unaudited revenues for the Interface Board Business were approximately $39 million for calendar year 2014.
The Interface Board Business will continue to operate as usual and customers will see no change in the high quality services they expect from this group.
Safe Harbor for Forward-Looking Statements
Any statements in this presentation about future expectations, plans and prospects for the Company, including statements regarding the negotiation and execution of a definitive agreement for the possible sale of the Company's Interface Board Business, the consummation of such sale transaction, and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the Company's use of the words "believes," "anticipates," "plans," "expects," "may," "will," "would," "should," "intends," "estimates," "seeks" or similar expressions, whether negative or affirmative. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company's ability to reach agreement with China Fastprint on the binding terms of the potential sale transaction, obtaining the requisite corporate, governmental, and contractual consents to the transaction, as well as the other important factors as are described in the Company's filings with the U.S. Securities and Exchange Commission, including those included under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2015. The Company disclaims any intention or obligation to update any forward-looking statements after the date of this presentation.
About Xcerra
Xcerra Corporation is comprised of four businesses in the semiconductor and electronics manufacturing test markets: atg-Luther & Maelzer, Everett Charles Technologies, LTX-Credence and Multitest. The combination of these businesses creates a company with a broad spectrum of semiconductor and PCB test expertise that drives innovative new products and services, and the ability to deliver to customers fully integrated semiconductor test cell solutions. The Company addresses the broad, divergent requirements of the mobility, industrial, automotive and consumer end markets, offering a comprehensive portfolio of solutions and technologies, and a global network of strategically deployed applications and support resources. Additional information can be found at www.xcerra.com or at each product group's website; www.atg-lm.com, www.ectinfo.com, www.ltxc.com and www.multitest.com
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