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Three-Five Systems to Spin Off Microdisplay Business

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TEMPE, Ariz., March 17 -- Three-Five Systems Inc. announced today that its board of directors has approved a spinoff of its LCoS Microdisplay Division into a separately traded public company named Three-Five Microdisplay Inc. (TFMC). The spinoff will occur early this summer. TFMD stock will apply to have its stock traded on Nasdaq under the symbol "TFMD."

The LCoS Microdisplay Division makes liquid crystal on silicon microdisplay products for markets such as high-definition televisions and headsets for video games.

"Both our LCoS Microdisplay Division and our Integrated Systems and Displays Division have excellent future prospects in high-growth markets, said Jack Saltich, president and CEO of Three-Five Systems. "We have come to the conclusion, however, that they are fundamentally different businesses with unique needs that must be satisfied in order for them to realize their full potential."

Under the proposed spinoff, Three-Five said it will transfer its entire LCoS microdisplay business, including all related manufacturing and business assets, personnel and intellectual property, to TFMD. TFS will also capitalize TFMD with approximately $20 to $25 million in cash.

Each company will maintain corporate headquarters in the Tempe, Ariz., facility that houses Three-Five Systems' high-volume microdisplay manufacturing operations. TFMD will also maintain its Personal Display Systems Group in Boulder, Colo. Three-Five said neither company is expected to relocate facilities or personnel or to reduce jobs in connection with the spinoff.

Jack Saltich will remain president and CEO of Three-Five Systems and will be chairman of the TFMD board. Robert Melcher, CTO of Three-Five Systems, will be CTO of TFMD.

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Mar 2003
ConsumerindustrialNews & Features

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