Company also announces the election of
As previously announced, the Company's strategic alternatives review was conducted under the supervision of the Strategic Alternatives Committee of the Board of Directors and undertaken with this committee's financial advisor, Jefferies & Company and legal advisor,
As previously indicated to shareholders, the review process involved, among other things, a consideration of the sale of the Company. With the assistance of Jefferies & Company, a broad universe of domestic and international industry participants and private equity sources were solicited. The Company received several indications of interest as well as formal offers related to the sale of the Company. After a deliberate and careful process, the Board has determined, upon the Strategic Alternatives Committee's recommendation, that the offers received were not in the Company's and its shareholders' best interests and the Company would likely generate more long-term value with its current stand-alone strategy.
The Company also previously announced that the Strategic Alternatives Committee would review potential buy-side alternative opportunities. While the Company has not to date identified a buy-side opportunity it intends to pursue, the Company will continue to evaluate such opportunities as they arise despite the conclusion of this previously announced review process.
Throughout its review of strategic alternatives, the Company has continued to implement its stand-alone strategy, which included closing sales relating to discontinued assets in its
The Company also announced today that its founder and Chairman,
In addition, the Company has also announced that
About White Electronic Designs Corporation
White Electronic Designs (NASDAQ: WEDC) delivers sophisticated multi-chip semiconductor packages, high-efficiency memory devices and build-to-print electromechanical assemblies for defense and aerospace applications. The ability to address the unique size, performance and quality requirements for technology creators in the defense market has established White Electronic Designs as a customer-focused solutions provider. Capabilities include design, manufacturing and obsolescence management for advanced embedded component solutions, including die stacking and secure microelectronics, as well as complex circuit card assembly services. To learn more about us, visit our website at http://www.whiteedc.com.
Cautionary Statement
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward looking statements in this press release include but are not limited to the Company's expectations related to: the ability of the Company to generate long-term value with its current stand-alone strategy; the potential benefits to the defense electronics business as a result of the Company's superior technical knowledge, specialized manufacturing capabilities, and research and development; and any future strategy of the Company and the likely results or value resulting from current plans. Additionally, other factors that could materially and unexpectedly affect the Company's results are set forth in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on our forward-looking statements. We do not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this press release, or to reflect the occurrence of unanticipated events. WEDC-G
Company Contact: Investor Contact: Brian R. Kahn Lytham Partners, LLC Chairman of the Board Joe Diaz, Robert Blum, Joe Dorame 407-909-8015 602-889-9700 wedc@lythampartners.com
SOURCE White Electronic Designs Corporation