Cascade Microtech Completes Sale of Test Socket Division and Establishes Stock Repurchase Program
September 26 2011 - 8:30AM
Marketwired
Cascade Microtech, Inc. (NASDAQ: CSCD) today announced that it has
completed the sale of its test socket manufacturing business for a
purchase price of $550,000 to R&D Interconnect Solutions, a
wholly owned subsidiary of R&D Circuits, based in Brooklyn
Park, Minnesota.
The Company also announced that its board of directors has
authorized a stock repurchase program under which up to $2,000,000
of the Company's common stock may be repurchased. Under the terms
of the stock repurchase program, shares may be purchased from
time-to-time in the open market or in privately negotiated
transactions. The timing and actual number of shares purchased will
depend on a variety of factors, including market conditions,
corporate and regulatory requirements, and alternative business and
investment opportunities. Repurchases under the program will be
funded from available cash. The program does not require the
Company to acquire any particular amount of common stock, and the
program may be commenced, suspended or terminated at any time or
from time-to-time at the Company's discretion without prior
notice.
"We believe our stock is currently undervalued," said Michael
Burger, President and CEO. "As a result, we see this repurchase
program as a prudent use of capital. We believe that both this
program and the sale of our test socket business underscore our
commitment to building long-term value for our shareholders."
The Company is scheduled to announce its financial results for
its third quarter ending September 30, 2011 on November 1, 2011.
The Company will not purchase any stock under the repurchase
program before that time.
Forward-Looking Statements
This press release includes statements, including statements
regarding the Company's newly-adopted stock repurchase program,
that are "forward-looking" statements within the meaning of the
Securities Litigation Reform act of 1995. Such statements are based
on current expectations, estimates and projections about the
Company's business based in part on assumptions made by management.
These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including: changes in the price, trading
volume and/or other market conditions for the Company's common
stock; changes in the Company's business opportunities, investment
alternatives and/or liquidity requirements; and other risks
discussed from time to time in the Company's Securities and
Exchange Commission filings and reports, including the Company's
Annual Report on Form 10-K. In addition such statements could be
affected by general industry and market conditions and growth rates
and general domestic and international economic conditions. Such
forward-looking statements speak only as of the date on which they
are made and the company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release.
About Cascade Microtech, Inc. Cascade
Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision
contact, electrical measurement and test of integrated circuits
(ICs), optical devices and other small structures. For technology
businesses and scientific institutions that need to evaluate small
structures, Cascade Microtech delivers access to electrical data
from wafers, ICs, IC packages, circuit boards and modules, MEMS, 3D
TSV, LED devices and more. Cascade Microtech's leading-edge
stations, probes, probe cards and integrated systems deliver
precision accuracy and superior performance both in the lab and
during production manufacturing of high-speed and high-density
semiconductor chips. For more information visit
www.cascademicrotech.com.
About R&D Interconnect Solutions
R&D Interconnect Solutions is a recognized specialist in design
and production of high-performing sockets and interconnect products
for testing of packaged integrated circuits. It is wholly owned by
R&D Circuits, a worldwide leader in turn-key, advanced printed
circuit boards used to test integrated circuits for computers,
servers, mobile devices and many other applications. Over the past
30 years, R&D Circuits has served its customers across the
United States and globally in the semiconductor, telecom,
aerospace, defense, medical and radio device markets. For more
information on R&D Circuits visit www.rdcircuits.com.
FOR INVESTOR RELATIONS INFORMATION CONTACT: Jeff Killian CFO
Cascade Microtech, Inc. (503) 601-1280 jeff.killian@cmicro.com
(NASDAQ:CSCD)
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