Navigation Links
HEI, Inc. Closes on Sale of RFID Division Assets
Date:9/4/2007

MINNEAPOLIS, Sept. 4 /PRNewswire-FirstCall/ -- HEI, Inc. (Nasdaq: HEII -- http://www.heii.com) announced today that it has closed on the sale of 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 was structured as a sale of substantially all the assets of the RFID division, including inventory, receivables, customer contracts, customer lists, and the assumption of substantially all of the liabilities. The purchase price was $3.0 million cash and closing was effective 11:59 pm August 31, 2007. HEI expects to recognize a gain from the sale of assets in its 4th quarter ended September 1, 2007 of approximately $1.5 million, prior to any employee obligations, severance, and other transaction-related costs. HEI has used 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 & PO Box 5000, 1495 Steiger Lake Lane,

Microelectronics Division Victoria, MN 55386

-Advanced Medical Division 4801 North 63rd Street,

Boulder, CO 80301

-High Density Interconnect 610 South Rockford Drive,

Division Tempe, AZ 85281

RF Identification 1546 Lake Drive West,

and Smart Card Division 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. Russia warns against travel to Turkey, Iran closes border
2. Brunei Closes Primary Schools In A Bid To Contain Hand, Foot and Mouth Disease
3. SKorean Online Dogmeat Retailer Closes Site Amid Uproar
4. Sugar Helps Control Cell Division
5. Researchers Reverse Cell Division
6. Division Among Delegates To Dilute UNs AIDS Plans: Activists
7. United Biotech Launches New Oncology Division
8. Understanding HIV Interference With Infected Cell Division
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... 27, 2016 , ... More than a third of American adults are considered ... surgery has received increased attention in recent years, as an article published ... weight loss, most people are familiar with the basic requirements of maintaining a healthy ...
(Date:5/27/2016)... York, NY (PRWEB) , ... May 27, 2016 , ... ... campaign returns for a third time to shed lights on the variety of topics ... and inspirational stories, “Nurse Appreciation” tackles why this career has gone from being in ...
(Date:5/27/2016)... ... May 27, 2016 , ... In ... the many who are unaware of the plight of aphasia. In collaboration with ... the “Stroke Awareness” campaign. , The link between stroke and aphasia is relatively ...
(Date:5/27/2016)... (PRWEB) , ... May 27, 2016 , ... ... in scholarships to students studying complementary medicine. Allison Outerbridge is this year’s ... her award on May 18 at the university’s Student Leadership Awards ceremony. , ...
(Date:5/26/2016)... , ... May 26, 2016 , ... W.S. Badger ... has been honored with a 2016 When Work Works Award for its use of ... of the national When Work Works project administered by the Families and Work Institute ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)...   , Study met ... bowel cleansing and superiority in , ... of the ascending colon   ... Norgine B.V. today announced new positive data from the phase ... preparation) versus standard 2 litre PEG with ascorbate. The study met ...
(Date:5/24/2016)... May 24, 2016  NxStage Medical, Inc. (Nasdaq: ... on advancing renal care, today announced that Jeffrey ... in the following schedule of investor conferences. Where applicable, ... at http://ir.nxstage.com/ .   ... Conference NY, NY           Friday, June 10, 2016 1:30 ...
(Date:5/24/2016)... HONG KONG , May 24, 2016 ... , the world , s ... and AV fistula intervention   OrbusNeich, a ... solutions, has expanded its portfolio to include products to ... balloons are the company,s first entry devices for lower ...
Breaking Medicine Technology: