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
|SOURCE HEI, Inc.|
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