Strong Demand in China Drives Expansion
WAYNE, Pa. and AUSTIN, Texas, Oct. 31 /Xinhua-PRNewswire-FirstCall/ --
Ascend Acquisition Corp. ("Ascend") (OTC Bulletin Board: ASAQ, ASAQU, ASAQW),
a specified purpose acquisition company, announced today that its proposed
business combination target, ePAK Resources (S) Pte. Ltd. ("ePAK"), a
privately held, full-service supplier of semiconductor transfer and handling
products, expanded manufacturing space at its state-of-the-art manufacturing
facility in Southern China.
The expansion nearly tripled manufacturing space at its facility in
Shenzhen, China to approximately 600,000 square feet from just over 200,000
square feet and was completed in September. The decision to increase capacity
was in response to strong demand in China, the fastest growing semiconductor
manufacturing region in the world. Based on data from CCID Consulting,
China's integrated circuit ("IC") industry generated RMB100.6 billion (US$13.4
billion) in sales revenue in 2006, up 43.3% from 2005. Over the same time
period, the number of ICs produced increased 36.2%. This growth is expected
to continue as more and more multinational semiconductor companies establish
operations in the region.
"The new capacity will provide ePAK with greater resources to meet strong
demand and assist our customers in realizing their time critical revenues,"
said Steve Dezso, ePAK's CEO. "Our ability to expand our business has been
constrained by the cash flow generated from our sales growth, all of which has
been reinvested into the business. While our cash generation has been
substantial and grows month-to-month, exceptional customer demand for our
products continues to outstrip our cash resources. Upon closing of the
business combination with Ascend, we will have the capital we need to make
additional investments in our cleanrooms, precision cleaning lines and high
purity manufacturing infrastructure."
ePAK's Shenzhen facility holds ISO 9001:2000 and ISO 14001 certifications
and performs precision injection molding, extrusion, vacuum forming, submicron
cleaning, assembly and materials compounding. ePAK continues to expand and
qualify manufacturing processes phase by phase as it utilizes the added
manufacturing space now available. Customer audit and qualification visits
continue to accelerate resulting in over 10 new customer qualifications for
the Company's high purity manufacturing and cleaning processes in August alone.
In July 2007, Ascend entered into a definitive agreement to acquire ePAK.
Upon completion of the transaction, which is expected in the first quarter of
2008, the resulting public company will be domiciled in Bermuda and renamed
ePAK International Ltd. It is expected that ePAK International's common stock
and warrants will trade on the Nasdaq Global Market.
About ePAK Resources (S) Pte. Ltd.
ePAK is a full-service designer, manufacturer and supplier of precision
engineered products and solutions for the automated transport and handling of
semiconductor and electronic devices. ePAK's product areas include front-end
wafer handling, back-end IC transport, and end-system sub-assembly handling.
The Company's products are sold globally to top tier global customers
including semiconductor companies, system OEMs, and IC assembly and test
operations. The Company's low cost, large-scale manufacturing operations in
Shenzhen, the People's Republic of China ("PRC") are centrally located to the
semiconductor industry. ePAK's corporate headquarters is in Austin, Texas and
the Company maintains nine sales and applications engineering offices
About Ascend Acquisition Corporation
Ascend Acquisition Corp. was formed on December 5, 2005 for the purpose of
effecting a merger, capital stock exchange, asset acquisition or other similar
business combination with an operating business. Ascend's registration
statement for its initial public offering was declared effective on May 11,
2006 and the offering closed on May 22, 2006, generating net proceeds of
approximately $38.5 million from the sale of 6.9 million units, including the
full exercise of the underwriters' over-allotment option and the sale of
166,667 units to the Ascend's Chairman and CEO, Don K. Rice. Each unit was
comprised of one share of Ascend common stock and two warrants, each with an
exercise price of $5.00. As of June 30, 2007, Ascend held approximately $40.0
million in a trust account maintained by an independent trustee, which will be
released to Ascend upon the consummation of the business combination.
The parties intend to file with the SEC a registration statement and proxy
statement under Form S-4 and F-4 in connection with the proposed acquisition
of ePAK and reincorporation of Ascend in Bermuda. STOCKHOLDERS OF ASCEND AND
OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE FINAL
PROSPECTUS AND DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE TRANSACTIONS
AND THE SOLICIATION OF PROXIES FOR THE SPECIAL MEETING OF ASCEND'S
STOCKHOLDERS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The final prospectus and definitive proxy statement will be mailed to
Ascend's stockholder as of a record date to be established for voting on the
acquisition and redomestication. These documents also will be available
without charge online at the Securities and Exchange Commission's Internet
site (http://www.sec.gov) and by mail through requests to Ascend Acquisition
Corp., 435 Devon Park Drive, Bldg. 400 Wayne, PA 19087, Attention: T. Anderson.
Stockholders and other interested persons can also read Ascend's final
prospectus, dated May 11, 2006, for a description of the security holdings of
Ascend's directors and officers and of EarlyBirdCapital, Inc., the
underwriters of Ascend's initial public offering, and their respective
interests in the successful consummation of the proposed transactions.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 about Ascend,
ePAK and their combined business after completion of the proposed business
combination. These forward-looking statements are based on current
expectations and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties and
assumptions about us that may cause actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such
forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should," "could," "would,"
"expect," "plan," "anticipate," "believe," "estimate," "continue," or the
negative of such terms or other similar expressions. Factors that might cause
or contribute to such a discrepancy include, but are not limited to, Ascend's
ability to effect a business combination, ePAK's ability to grow future
revenues and earnings, changes in demand for ePAK's products, market
acceptance of the ePAK's products, changes in the laws of the People's
Republic of China that affect ePAK's operations, and other factors that may be
detailed from time to time in Ascend's filings with the United States
Securities and Exchange Commission and other regulatory authorities.
For more information, please contact:
Ascend Acquisition Corporation
Don K. Rice, Chairman and CEO
ePAK International Inc.
Steve Dezso, CEO
Crocker Coulson, President
CCG Investor Relations
SOURCE Ascend Acquisition Corporation
Ascend Acquisition Corporation - Don K. Rice, Chairman and CEO, +1-610-519-1336, or firstname.lastname@example.org; or ePAK International Inc. - Steve Dezso, CEO,
+1-512-231-8083, or email@example.com; or Investor Relations - Crocker
Coulson, President of CCG Investor Relations, +1-646-213-1915, or
-0- Oct/31/2007 13:00 GMT
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