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CTS CORPORATION Elkhart, Indiana 46514h(574) 523-3800
January 25, 2012
FOR RELEASE: Immediately
Elkhart, IN. . .CTS Corporation (NYSE: CTS) today announced the completion of the acquisition of Valpey-Fisher Corporation, a publicly held company located in Hopkinton, Massachusetts. Valpey- Fisher is a recognized technology leader in the design and manufacture of precision frequency crystal oscillators with annual sales of approximately $15 million. On November 17, 2011, CTS Corporation announced that it had signed a definitive agreement for this acquisition. The acquisition will expand CTS' technology, and bring strong engineering capabilities and management leadership to support our strategy of double-digit top line growth over the next several years in our Components and Sensors segment.
Treatment of Valpey-Fisher NASDAQ-listed Common StockPursuant to the rules of the NASDAQ Capital Market, a notice has been submitted to NASDAQ of the intention to voluntarily withdraw the Valpey-Fisher common stock from listing on the NASDAQ Capital Market (symbol: VPF) and to voluntarily terminate the registration of the VPF common stock under the Securities Exchange Act of 1934. The decision to delist and deregister the VPF common stock was based on the fact that, following the effective time of the merger, there were no shares of VPF common stock outstanding. Appropriate notifications will be filed with NASDAQ and the SEC within the time prescribed by SEC and NASDAQ rules to complete the delisting and deregistration of the VPF common stock.
About CTSCTS is a leading designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS." To find out more, visit the CTS Web site at www.ctscorp.com.
Safe Harbor StatementThis
press release contains statements that are, or may be deemed
to be, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
any financial or other guidance, statements that reflect our
current expectations concerning future results and events and
any other statements that are not based solely on historical
fact. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the
date hereof and are based on various assumptions as to future
events, the occurrence of which necessarily are subject to
uncertainties. These forward-looking statements are made
subject to risks, uncertainties and other factors, which
could cause our actual results, performance or achievements
to differ materially from those presented in the
forward-looking statements, including, without limitation:
changes in the economy generally and in respect to the
businesses in which CTS operates; unanticipated issues in
integrating acquisitions; rapid technological change; general
market conditions in the automotive, communications and
computer industries, as well as conditions in the industrial,
defense and aerospace and medical markets; reliance on key
customers; unanticipated natural or other events such as the
Japan earthquake and floods in Thailand; the ability to
protect our intellectual property; pricing pressures and
demand for our products; and risks associated with our
international operations, including trade and tariff
barriers, exchange rates and political and geographical
risks. For more detailed information on the risks and
uncertainties associated with CTS' business, see the reports
CTS files with the SEC available at http://www.ctscorp.com/investor_relations/investor.htm.
CTS undertakes no obligation to publicly update its
forward-looking statements to reflect new information or
events or circumstances that arise after the date hereof,
including market or industry changes.
Contact: Thomas A. Kroll, Vice President and Chief Financial
Officer, or
Mitchell J. Walorski, Director of Investor Relations
CTS Corporation, 905 West Boulevard North, Elkhart, IN
46514
Telephone (574) 523-3800 FAX (574) 293-6146
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