Company Website:
http://www.kopin.com
TAUNTON, Mass. -- (Business Wire)
Kopin® Corporation (NASDAQ: KOPN) today announced the completion of the
sale of its III-V assets to IQE plc (LSE: IQE), a leading UK-based
designer and supplier of advanced semiconductor wafers. Under the terms
of the transaction, Kopin received $55 million and $5 million was placed
in escrow for working capital adjustments. In addition, the Company will
receive $15 million on or about January 16, 2016.
“Closing this transaction is a transformation step for Kopin as we focus
on maximizing the potential of our Golden-i technology,” said Dr. John
C.C. Fan, Kopin’s president and chief executive officer. “Over the past
12 months, we have made strategic investments in software companies such
as Ask-Ziggy, Ikanos and, most recently, Aurisound to complement our
internally developed Golden-i hardware reference designs. Through these
investments, the goal for our Golden-i program is to develop a fully
integrated reference system capable of providing an entirely new family
of mobile devices. Our Golden-i business model is a licensing-based
model driven by patenting the innovations and processes that emanate
from these significant research and development initiatives.”
About Kopin Corporation
Kopin Corporation is developing Golden-i®, a proprietary
voice-activated, cloud computing, wireless, hands-free technology with
microdisplay capabilities for use in headset computers. Kopin's
proprietary technologies are protected by over 200 global patents and
patents pending. For more information, please visit Kopin's website at www.kopin.com
and www.mygoldeni.com.
Kopin, CyberDisplay, Golden-i and The NanoSemiconductor Company are
trademarks of Kopin Corporation.
Kopin – The NanoSemiconductor Company®
Forward-Looking Statements
Statements in this news release about the completion of Kopin’s sale
of its III-V assets to IQE plc may be considered “forward-looking”
statements under the “Safe Harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These include statements relating to the
financial terms of the transaction and Kopin’s strategic plans for
Golden-i and its display products. These statements involve a number of
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements. These
risks and uncertainties include, but are not limited to the potential
that: future payments owed to Kopin for the sale of its III-V assets
might not be made; there may be no market demand for Golden-i;
manufacturing, marketing or other issues that may prevent either the
adoption or acceptance of Golden-i products; becauseGolden-i
contains a significant software component, there may be issues or “bugs”
which we cannot correct, which may prevent or delay the sale of
Golden-i; vendors and suppliers, including software vendors, may
discontinue products which are necessary for Golden-i to function;
Motorola, suppliers and vendors may terminate their involvement in the
Golden-i product development which may prevent or delay the sale of
Golden-i products; we may be unable to manufacture Golden-i products or
have the Golden-i product manufactured for us; if we are able to get the
Golden-i manufactured we may not be able to have it manufactured at a
cost which allows us to earn a profit; the potential that costs to
develop and produce the Golden-i may be significant; manufacturing
delays, technical issues, economic conditions or external factors may
prevent the development of and/or sale of Golden-i; and other risk
factors and cautionary statements listed in the Company’s periodic
reports and registration statements filed with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for the 12
months ended December 31, 2011, and the Company’s subsequent filings
with the Securities and Exchange Commission. You should not place undue
reliance on any forward-looking statements, which speak only as of the
date on which they are made. The Company undertakes no responsibility to
update any of these forward-looking statements to reflect events or
circumstances occurring after the date of this report.
Contacts:
Kopin Corporation
Richard Sneider, 508-824-6696
Treasurer and
Chief Financial Officer
Richard_Sneider@kopin.com
or
Sharon
Merrill Associates
Scott Solomon, 617-542-5300
Vice President
kopn@InvestorRelations.com
Source: Kopin Corporation