Navigation Links
HEI, Inc. Announces Sale of RFID Division Assets
Date:8/31/2007

MINNEAPOLIS, Aug. 31 /PRNewswire-FirstCall/ -- HEI, Inc. (Nasdaq: HEII) (http://www.heii.com) announced today that it has entered into an agreement to sell substantially all of the assets of its RFID division to Smartrac Technology US, Inc., a wholly-owned subsidiary of Dutch based Smartrac N.V. The transaction is structured as a sale of substantially all the assets of the RFID division, including inventory, receivables, customer contracts and customer lists, and the assumption of substantially all of the liabilities. The purchase price to be paid at closing is $3.0 million cash and the parties expect to close the transaction prior to the end of the HEI's 2007 fiscal year end on September 1, 2007. As a result of this transaction, HEI expects to recognize a gain from the sale of assets in the 4th quarter of approximately $1.5 million, prior to any employee obligations, severance and other transaction-related costs. HEI intends to use the sale proceeds to pay down existing debt obligations.

HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged for the medical equipment and medical device, hearing, communications, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturability product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.

Headquarters & Microelectronics Division PO Box 5000, 1495

Steiger Lake Lane,

Victoria, MN 55386

-Advanced Medical Division 4801 North 63rd Street,

Boulder, CO 80301

-High Density Interconnect Division 610 South Rockford Drive,

Tempe, AZ 85281

RF Identification and Smart Card Division 1546 Lake Drive West,

Chanhassen, MN 55317

FORWARD LOOKING INFORMATION

Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release, including the integration of the Advanced Medical Division, the implementation of business strategies, growth of specific markets, improved results and the estimated HEI revenue, cash flow and profits, are forward looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, our ability to satisfy financial or other obligations or covenants set forth in our financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI's ability to control fixed and variable operating expenses. , and other risks detailed from time to time in HEI's SEC filings. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results. See the risk factor section in annual report on Form 10K for year ended September 2, 2006.


'/>"/>
SOURCE HEI, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. PM announces a new health care order for India
2. PowderMed Announces Needle-Less Flu Vaccine
3. Ramdoss Announces Introduction of RCH-II
4. Britain Announces Third Transfusion Related Mad Cow Case
5. Tibet Announces the Dalai Lama’s Tour of South Americ
6. NHS announces further Cost cutting Measures
7. Indian PM Announces Of Setting Up India Study Center At Tashkent
8. Malaysia Announces Prison term On People Donating HIV-Contaminated Blood
9. Gates Foundation Announces $287 Million In Grants Towards AIDS Vaccine
10. Australian Government Announces Survey To Tackle Childhood Obesity
11. New Zealand Announces 10-year Plan For Betterment Of Mental Health Care
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... ... 2017 , ... The Lymphoma Research Foundation (LRF) – the ... the lymphoma community through a comprehensive series of education programs, outreach initiatives and ... Beach to host its Swirl: Miami Wine Tasting Event on March 28, 2017. ...
(Date:2/23/2017)... CA (PRWEB) , ... February 23, 2017 , ... Los ... two episodes of WE TV’s “Mama June: From Not to Hot,” which will begin ... notable, “Mama” June Shannon, known to millions from the 2012 reality television series, “Here ...
(Date:2/23/2017)... ... February 23, 2017 , ... ... content provider for the National Institute for Health and Care Excellence ... organizations in the National Health Service (NHS) to search, order and purchase medical ...
(Date:2/23/2017)... , ... February 23, 2017 , ... ... exciting, new, interactive publication where generations converge and explore the world from different ... worldview, Dialog Magazine enables readers to gain understanding, increase empathy, and find greater ...
(Date:2/23/2017)... ... February 23, 2017 , ... Healthcare Research & ... in the fight against cancer, has produced a seminal study that asked cancer ... release top-line findings in a webinar, Defining Compassionate Care Through the Voices of ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... 2017  Genesis Healthcare Services has merged with Hospice ... by Bill Monast , President and CEO of ... Nathan Feltman , executives with Home Health Depot, Inc., ... This acquisition helps Hospice Cloud maintain its ... durable medical equipment (DME) solutions for the hospice industry. ...
(Date:2/23/2017)... Research and Markets has announced the addition of the ... offering. ... Menopause Drugs Price Analysis and Strategies - 2016, provides drug pricing data ... following questions: What are the key drugs ... the Global Menopause market? What are the unit prices ...
(Date:2/23/2017)... , Feb. 23, 2017 Regulus ... the discovery and development of innovative medicines targeting microRNAs, ... year 2016 financial results on Thursday, March 2, 2017 ... a conference call and webcast on March 2, 2017 ... and full year 2016 financial results and provide a ...
Breaking Medicine Technology: