Aetrium Announces Value-Enhancing Transaction for Its Test Handler Business
ST. PAUL, Minn., April 22, 2014 (GLOBE NEWSWIRE) -- Aetrium Incorporated
(Nasdaq:ATRM) ("Aetrium" or the "Company") announced today that it had entered
into an agreement with Boston Semi Automation LLC ("BSA"), a wholly owned
subsidiary of Boston Semi Equipment LLC ("BSE"), whereby Aetrium will transfer
its Test Handler business to BSE in exchange for a future revenue royalty
"BSE has a track record of maximizing the value of technology products and it
also has a strong presence in Asia. For these reasons, BSE is well-positioned
to generate more revenue and cash flow from the Test Handler business than
Aetrium could on its own, which is why we believe this transaction will
generate value for our shareholders," stated Jeffrey E. Eberwein, Chairman of
the Board of Directors of the Company. "Going forward, our Company's cash flow
will come from the royalty and earn-out payments from our two legacy
technology divisions and our modular housing business, the acquisition of
which was announced earlier this month."
Consideration for the transaction includes a royalty on all revenue related to
the Test Handler business over the next five years that will start at 15% and
decline over time to 3%, subject to certain qualifications and adjustments and
the assumption of certain liabilities.
This press release may contain forward-looking statements made in reliance
upon the safe harbor provisions of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include all statements that do not relate
solely to historical or current facts, and can be identified by the use of
words such as "may," "will," "expect," "project," "estimate," "anticipate,"
"plan," "believe," "potential," "should," "continue" or the negative versions
of those words or other comparable words. These forward-looking statements are
not guarantees of future actions or performance. These forward-looking
statements are based on information currently available to us and our current
plans or expectations, and are subject to a number of uncertainties and risks
that could significantly affect current plans, anticipated actions and our
future financial condition and results. Certain of these risks and
uncertainties are described in greater detail in our filings with the
Securities and Exchange Commission. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter our forward-looking
statements, whether as a result of new information, future events or
Aetrium is based in North St. Paul, Minnesota. Its common stock is publicly
traded on the Nasdaq market under the symbol ATRM.
CONTACT: Paul Askegaard
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