StockerYale Sells 2 Units
SALEM, N.H., March 2, 2006 -- StockerYale Inc., a Salem, N.H., provider of photonics-based products, announced today it has completed the sale of two of its business units that it previously announced it was exiting effective Dec. 31.
The company's StockerYale Asia subsidiary was sold to Radiant Scientific Pte. Ltd., and its fiber optic lighting business was sold to Techni-Quip Corp. of Pleasanton, Calif. The two business units were sold for a total of $1.1 million, which included $525,000 in cash and the assumption of approximately $570,000 of liabilities. The sale to Radiant, which was founded by the company's Singapore management team, was structured as a stock sale, and the sale to Techni-Quip was in the form of an asset purchase. In addition, StockerYale agreed to supply specialty fiber products to Techni-Quip over a five-year period with a minimum value of $275,000 and a maximum value of $550,000.
"These sales bring the company further along its stated goal of focusing on its three core businesses -- lasers, LEDs and specialty optical fiber -- while maximizing the value of discontinued operations," said Mark W. Blodgett, CEO of StockerYale.
StockerYale makes structured light lasers, LED modules and specialty optical fibers for OEMs, as well as fluorescent lighting products and phase masks for machine vision, industrial inspection, defense, telecommunication, sensors and medical markets.
For more information, visit: www.stockeryale.com