February 08 2000
Icron Systems Inc.
Icron Systems Inc. announced today that it has closed in escrow the sale of its electronics manufacturing services subsidiary, Icron Manufacturing Inc. to a group of investors led by Doug Kind, the Company’s founder and former President and CEO. All required agreements have been finalized, signed by the parties and put into escrow pending receipt of shareholders approval, regulatory approval and certain third party documentation. A resolution to approve the sale will be put to shareholders at an Extraordinary General Meeting called for February 15th, 2000.
In exchange for the shares of Icron Manufacturing, Icron Systems will receive $176,287 in cash, $1,346,865 by assumption of debt and liabilities and the balance of $150,000 by the surrender of 1,126,126 escrow shares of Icron Systems Inc. Doug Kind has further agreed to transfer 2,001,793 shares of Icron Systems Inc. to representatives of the Board of Directors for allocation to existing and future directors, employees and consultants. The final transaction amounts are based on an effective transaction date of Nov. 1st, 1999, year end inventory audit and an independent third party valuation completed in January 2000. As previously announced, a special meeting of the shareholders is being held on February 15th, 2000 seeking approval of the transaction.
Mr. Dirk J. Schillebeeckx, Icron’s Interim President and CEO said, “This transaction will enable Icron Systems to aggressively pursue its USB opportunities. Our alliance partnerships are expanding and will benefit from our singular focus. At the same time, Icron Manufacturing will push ahead with its own strategy targeted at its opportunities in the expanding contract manufacturing services sector.”
Icron Systems Inc. of Vancouver, BC has invented ExtremeUSBTM technology, a practical means of extending the range of USB connections from 15 feet (5 meters) to over 300 feet (100 meters). Icron has applied for patents covering its inventions and is integrating this technology into a series of products for PC users. Icron has established the ExtremeUSBTM Team of companies to increase the total market for USB products by enabling a broad set of new applications based on ExtremeUSBTM. Icron is a publicly traded company and trades under the symbol ICM on the Canadian Venture Exchange.
Note: The company relies on litigation protection for “forward-looking” statements. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Icron – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.