EX-99.1
2
a05-9967_1ex99d1.htm
EX-99.1
Exhibit 99.1
Contacts:
Frederick M. Green,
President and Chief Executive
Officer
Phone: (763) 592-1900
Donald L. Henry,
Vice President and Chief
Financial Officer
Phone:
(763) 592-1900
Ault Incorporated Announces Sale of
Subsidiary
Ault
Reports Sale of its Korea Subsidiary
Strategic
Focus On Higher Margin Markets
MINNEAPOLIS - May 19, 2005 -
Ault, Incorporated (Nasdaq NMS: AULT) reported today that it has sold its Ault
Korea subsidiary to JEC Korea Co., Ltd. for $3.8 million. The transaction will have a book value loss
of approximately $700,000. The agreement
includes the receipt of $1.5 million in cash and $2.3 million in a secured
note. The sale includes all assets and
liabilities of Ault Korea Corporation and the use of the "Ault Korea" name in
Korea for a period of three years.
As part of the terms of
the agreement, JEC Korea will sell power conversion products only in
Korea. Ault Incorporated and JEC Korea
have also agreed to continue a sub-contractor partnership. This relationship involves Ault manufacturing
for JEC and JEC manufacturing product for Ault.
Ault is a leading
manufacturer of power conversion products headquartered in North America. The Company is a major supplier to original
equipment manufacturers of wireless and wire line communications
infrastructure, computer peripherals and handheld devices, medical equipment,
industrial equipment and printing/scanning equipment.
JEC Korea Co. Ltd., a
manufacturer of power conversion products, is headquartered in South Korea with
manufacturing operations in Korea and the People's Republic of China.
Statements
regarding Ault's anticipated future performance are forward-looking and
therefore involve risks and uncertainties that could cause results or
developments to differ significantly from those indicated in the
forward-looking statements. These
include, but are not limited to: market conditions in the global electronics
industry, buying patterns of major customers, competitive products and
technologies, the ability to control expense growth, and other factors set
forth in the Company's filings with the Securities and Exchange Commission.
# # #

EX - 99 . 1 2 a05 - 9967 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Contacts : Frederick M . Green , President and Chief Executive Officer Phone : ( 763 ) 592 - 1900 Donald L . Henry , Vice President and Chief Financial Officer Phone : ( 763 ) 592 - 1900 Ault Incorporated Announces Sale of Subsidiary Ault Reports Sale of its Korea Subsidiary Strategic Focus On Higher Margin Markets MINNEAPOLIS - May 19 , 2005 - Ault , Incorporated ( Nasdaq NMS : AULT ) reported today that it has sold its Ault Korea subsidiary to JEC Korea Co . , Ltd . for $ 3.8 million . The transaction will have a book value loss of approximately $ 700,000 . The agreement includes the receipt of $ 1.5 million in cash and $ 2.3 million in a secured note . The sale includes all assets and liabilities of Ault Korea Corporation and the use of the " Ault Korea " name in Korea for a period of three years . As part of the terms of the agreement , JEC Korea will sell power conversion products only in Korea . Ault Incorporated and JEC Korea have also agreed to continue a sub - contractor partnership . This relationship involves Ault manufacturing for JEC and JEC manufacturing product for Ault . Ault is a leading manufacturer of power conversion products headquartered in North America . The Company is a major supplier to original equipment manufacturers of wireless and wire line communications infrastructure , computer peripherals and handheld devices , medical equipment , industrial equipment and printing / scanning equipment . JEC Korea Co . Ltd . , a manufacturer of power conversion products , is headquartered in South Korea with manufacturing operations in Korea and the People ' s Republic of China . Statements regarding Ault 's anticipated future performance are forward - looking and therefore involve risks and uncertainties that could cause results or developments to differ significantly from those indicated in the forward - looking statements . These include , but are not limited to : market conditions in the global electronics industry , buying patterns of major customers , competitive products and technologies , the ability to control expense growth , and other factors set forth in the Company 's filings with the Securities and Exchange Commission . # # #