ACL Semiconductors Expects to Complete Acquisition of Majority Equity Interest of USmart by August 2012
HONG KONG, July 11, 2012 /PRNewswire-Asia/ — ACL Semiconductors Inc. (OTC Bulletin Board: ACLO) (“ACL”), a leading China-based distributor of memory electronic products in Southern China and Hong Kong, announced today that it expects to enter a definitive sales and purchase agreement within the next few weeks for the acquisition of 100% equity interest in Jussey Investments Limited (“Jussey”), the owner of 80% equity interest in USmart Electronic Products Limited (“USmart”) (the “Acquisition”), and expects to complete the Acquisition by early August 2012. As previously announced on April 4, 2012, ACL entered into a memorandum of understanding (“MOU”) for the acquisition of Jussey.
Founded in 2003, USmart is a Hong Kong based ODM manufacturer that specializes in designing, manufacturing and distributing advanced technologies for the three ‘C’ (computer, customer electronic appliance and communication) market in China.
Mr. Chung-Lun Yang, Chief Executive Officer and Chairman of ACL, stated, “We are on track to complete the acquisition of Jussey, the major shareholder of USmart, within the next couple of weeks. This acquisition would position ACL to more effectively coordinate its resources and activities by avoiding duplication of efforts while achieving speedy implementation of memory chips and solutions to the three ‘C’ market. USmart already has several confirmed purchase orders on hand from certain telecommunications companies.”
Mr. Yang continued, “By acquiring a majority equity interest in USmart, our goal is to improve ACL’s top-to-bottom performance within memory chip distribution and to build shareholder value. USmart provides professional services and solutions for high-end smartphone platforms and develops best-of-breed applications for organizations, including telecom and other services providers, seeking to distribute innovative mobile devices. USmart also develops its own concepts, and creates business and consumer applications for this increasingly important digital channel, targeting smartphones, Androids and other devices. The acquisition will strengthen our ability to fulfil ACL’s mission to ‘maintain a diversified product portfolio by designing, manufacturing and distributing electronic components with different product lifecycles and by leveraging groundbreaking technologies from additional research and development.’ The combined company is expected to benefit from ACL’s expertise in marketing memory chips and semiconductors, and more effectively advance the shared objective to penetrate the three ‘C’ market in China.”
For details of the MOU, please go to http://www.acl-semicon.com for press release made on April 4, 2012.
About ACL Semiconductors Inc.
ACL Semiconductors Inc. is a China-based distributor of semiconductor components in Hong Kong and Southern China. Starting April 1, 2012, ACL is distributing Samsung’s semiconductor and LCD products through ATMD, a newly established joint venture with Tomen Devices. Semiconductor products are used in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information about ACL Semiconductors Inc., please visit ACL Semiconductors Inc.’s corporate website at http://www.acl-semicon.com.
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words “plan,” “confident that,” “believe,” “scheduled,” “expect,” or “intend to,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company’s products, general acceptance of the company’s products and technologies, competitive factors, timing, and other risks described in the company’s SEC reports and filings.
Kun Lin Lee Stephanie Carrington Chief Financial Officer The Ruth Group ACL Semiconductors Inc. +1-646-536-7017 +1-408-981-9363 firstname.lastname@example.org +852-3666-9939 email@example.com
SOURCE ACL Semiconductors Inc.