FEI Files Suit to Collect $2.4M Debt
HILLSBORO, Ore., April 7, 2010 — Scientific instruments provider FEI Co. announced it has filed suit in the United States District Court for the Eastern District of Virginia to collect approximately $2.4 million of receivables owed by Cambridge Global Systems of Chantilly, Va.
The Virginia company, a subsidiary of Cambridge Systems Inc., purchased three systems from FEI on behalf of a US Federal agency and a prime contractor through a set-aside program. The systems were delivered to its end-user customers and payment was made from the government agency and its contractors to Cambridge Global Systems. FEI was never paid in the transaction.
This is one of several suits filed by a scientific equipment company against Cambridge for nonpayment for similar federal government-related purchases.
FEI expects to increase its reserve for uncollectible receivables for the full amount of the Cambridge receivable in its first quarter.
For more information, visit: www.fei.com
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