(Source: MARKETWIRE)
FormFactor, Inc. (NASDAQ: FORM) today announced that the Delaware
Bankruptcy Court has approved FormFactor's acquisition of
intellectual property rights and certain technology assets of
Electroglas, Inc. related to precision motion control automation.
The purchase provides FormFactor with IP and physical assets the
company will use in its manufacturing operations. The acquisition
does not include physical assets and technology solely used in the
Electroglas prober business, which are expected to be purchased by a
third party as part of a separate auction process. The assets
acquired by FormFactor were made available at auction as part of
activities related to Electroglas' bankruptcy proceedings.
"The technologies we are acquiring are the product of significant
investment in the research and development of high accuracy motion
control," said Mario Ruscev, chief executive officer of FormFactor.
"With these new capabilities, we will continue to improve our
manufacturing efficiency and provide our customers with even higher
quality end products."
In February 2009, Electroglas and FormFactor entered into an
agreement for Electroglas to supply tools and technology to
FormFactor. In July 2009, Electroglas announced it had filed for
Chapter 11 bankruptcy protection.
Forward-Looking Statements
Statements in this press release that are not strictly historical in
nature are forward-looking statements within the meaning of the
federal securities laws, including statements regarding our products
and solutions, demand for our products and future growth. These
forward-looking statements are based on current information and
expectations that are inherently subject to change and involve a
number of risks and uncertainties. Actual events or results might
differ materially from those in any forward-looking statement due to
various factors, including, but not limited to: the Company's ability
to close successfully the Electroglas asset purchase, to implement
the Electroglas assets into the Company's manufacturing processes, to
improve its manufacturing efficiency and deliver to customers even
higher quality end products. Additional information concerning
factors that could cause actual events or results to differ
materially from those in any forward-looking statement is contained
in the company's Form 10-K for the fiscal year ended December 27,
2008 and Form 10-Q for the fiscal quarter ended June 27, 2009 as
filed with the Securities and Exchange Commission ("SEC"), and
subsequent SEC filings. Copies of the company's SEC filings are
available at http://investors.formfactor.com/edgar.cfm. The company
assumes no obligation to update the information in this press
release, to revise any forward-looking statements or to update the
reasons actual results could differ materially from those anticipated
in forward-looking statements.
About FormFactor
Founded in 1993, FormFactor, Inc. (NASDAQ: FORM) is the leader in
advanced wafer probe cards, which are used by semiconductor
manufacturers to electrically test ICs. The company's wafer sort,
burn-in and device performance testing products move IC testing
upstream from post-packaging to the wafer level, enabling
semiconductor manufacturers to lower their overall production costs,
improve yields, and bring next-generation devices to market.
FormFactor is headquartered in Livermore, California with operations
in Europe, Asia and North America. For more information, visit the
company's web site at www.formfactor.com.
FormFactor is a registered trademark of FormFactor, Inc.
Investor Contact:
Mike Magaro
Investor Relations
(925) 290-4321
Email Contact
Trade Press Contact:
David Viera
Corporate Communications
(925) 290-4681
Email Contact
SOURCE: FormFactor
A service of YellowBrix, Inc.
