Key Developments For White Electronic Designs Corporation
White Electronic Designs Corporation (WEDC.O) (Consolidated Issue listed on NASDAQ Global Market)
White Electronic Designs Corp. Announces Military GPS Contracts
White Electronic Designs Corp. announced that it has recently been awarded multiple contracts worth approximately $8.6 million for its manufacture of products used in multiple Global Positioning System (GPS) platforms.
White Electronic Designs Corp. Announces Completion Of Sale Of Display Systems Division
White Electronic Designs Corp. announced that it, along with its wholly owned subsidiary Panelview Incorporated, has completed the sale of the Company's Display Systems Division (DSD) located in Hillsboro, Oregon to the U.S. subsidiary of VIA optronics GmbH (VIA), a German company. VIA purchased the operating assets of the division, primarily consisting of inventory, equipment and intellectual property, for approximately $2.3 million. Other non-operating net assets of approximately $0.9 million, including its accounts receivable and residual liabilities, were retained by the Company to be settled in the normal course of business. In fiscal 2008, the Company announced its intent to dispose of these operations to exclusively focus as a defense electronics manufacturer and supplier. The transaction was completed on April 3, 2009.
White Electronic Designs Corp. Announces Award Of $4 Million In South Korean Defense System
White Electronic Designs Corp. announced that it has been awarded contracts worth approximately $4 million for its manufacture of sophisticated semiconductor products used in the K9 self-propelled howitzer, a mobile launch vehicle that fires artillery.
White Electronic Designs Corp. Division To Be Disposed; Board Of Directors Reviewing Strategic Alternatives
White Electronic Designs Corp. announced that its Board of Directors has authorized the disposal of the Company's Display Systems Division (DSD). Located in Hillsboro, Oregon, DSD is a supplier of enhanced flat panel display systems. The Company will now operate exclusively as a defense electronics manufacturer and supplier. The Board of Directors also announced further details regarding the formation of the Special Committee to review its strategic alternatives. This committee is comprised of two of the Company's independent directors, Paul Quadros and Thomas Toy. To assist in this process, the Special Committee has retained Jefferies Quarterdeck, a division of Jefferies & Company, Inc., a leading investment bank in the defense electronics industry, as well as Wilson, Sonsini, Goodrich and Rosati as its special legal counsel. Jefferies will manage the process which will be comprised of a review of strategic alternatives, including White Electronic Designs Corporation continuing as an independent public company, merging with or acquiring another public or private defense electronics company, or being acquired by a strategic or financial investor.
White Electronic Designs Corp. Awarded $7 Million in Eurofighter Contracts
White Electronic Designs Corp. announced that it has been awarded contracts worth approximately $7 million for its manufacture of sophisticated memory devices used in the Eurofighter Typhoon's flight control system.
