EX-99.1
2
v0301812_ex99-1.htm
Contact:
Frank Guidone, CEO
(757)
766-4400
Boutcher & Boutcher Investor
Relations
Aimee Boutcher or Daniel
Boutcher
(973)
239-2878
FOR
IMMEDIATE RELEASE
Measurement
Specialties Announces the Close of Consumer Division Sale
Hampton,
Virginia, December 19, 2005
-
Measurement
Specialties, Inc. (NASDAQ: MEAS), a designer and manufacturer of sensors
and
sensor-based systems, announced that the sale of its Consumer Division closed
today under the terms announced December 1, 2005. Measurement Specialties
Inc.
sold its Cayman Island subsidiary, Measurement Limited (ML), to Fervent Group
Limited (FGL), a BVI company controlled by the owners of River Display Limited
(RDL), the Company's long time partner and primary supplier of consumer products
in Shenzhen, China.
Under
the
terms of the agreement, FGL acquired the Company's Consumer Division for up to
$17.5 million, which may be reduced by up to $5 million if ML does not meet
certain performance criteria within the first year.
"The
transition is already underway, customers have been notified and ML is moving
quickly to organize the business", noted Measurement Specialties CEO Frank
Guidone. "As announced, we will assist ML during this transition so their
business can continue uninterrupted".
#
#
#
About
Measurement Specialties
.
Measurement
Specialties, Inc. designs
and manufactures sensors
and sensor-based systems. The
Sensor division produces a wide variety of sensors and transducers to measure
precise ranges of physical characteristics such as pressure, force, vibration,
position, humidity and photo optics. MSI uses multiple advanced technologies
-
including piezoresistive, electro-optic, electro-magnetic, capacitive,
application specific integrated circuits (ASICs), micro-electromechanical
systems (MEMS), piezoelectric polymers and strain gauges - to engineer sensors
that operate precisely and cost effectively. The Consumer division
produced OEM bathroom scales, Accutire® brand tire pressure gauges and other
products.
About
RDL/Fervent Group
Founded
in 1981, RDL/ Fervent Group is a full-service OEM supplier for electronics
products and sensor-based consumer products including scales, radio frequency
(RF) products and smart energy-saving devices. Headquartered in Hong Kong,
the
company has a current workforce of 2,000 and a modern, 800,000 square foot
manufacturing facility in Shenzhen, China. Capabilities include integrated
circuit (IC) bonding and wiring, surface-mount technology (SMT), printed
circuit
board (PCB) module assembly, plastic injection molding, and metal stamping
processes.
Company
Contact: Frank Guidone, CEO, (757) 766-4400
Investor
Contact: Aimee Boutcher or Daniel Boutcher, (973)
239-2878

EX - 99 . 1 2 v0301812 _ ex99 - 1 . htm Contact : Frank Guidone , CEO ( 757 ) 766 - 4400 Boutcher & Boutcher Investor Relations Aimee Boutcher or Daniel Boutcher ( 973 ) 239 - 2878 FOR IMMEDIATE RELEASE Measurement Specialties Announces the Close of Consumer Division Sale Hampton , Virginia , December 19 , 2005 - Measurement Specialties , Inc . ( NASDAQ : MEAS ) , a designer and manufacturer of sensors and sensor - based systems , announced that the sale of its Consumer Division closed today under the terms announced December 1 , 2005 . Measurement Specialties Inc . sold its Cayman Island subsidiary , Measurement Limited ( ML ) , to Fervent Group Limited ( FGL ) , a BVI company controlled by the owners of River Display Limited ( RDL ) , the Company 's long time partner and primary supplier of consumer products in Shenzhen , China . Under the terms of the agreement , FGL acquired the Company 's Consumer Division for up to $ 17.5 million , which may be reduced by up to $ 5 million if ML does not meet certain performance criteria within the first year . " The transition is already underway , customers have been notified and ML is moving quickly to organize the business " , noted Measurement Specialties CEO Frank Guidone . " As announced , we will assist ML during this transition so their business can continue uninterrupted " . # # # About Measurement Specialties . Measurement Specialties , Inc . designs and manufactures sensors and sensor - based systems . The Sensor division produces a wide variety of sensors and transducers to measure precise ranges of physical characteristics such as pressure , force , vibration , position , humidity and photo optics . MSI uses multiple advanced technologies - including piezo resistive , electro - optic , electro - magnetic , capacitive , application specific integrated circuits ( ASICs ) , micro - electromechanical systems ( MEMS ) , piezoelectric polymers and strain gauges - to engineer sensors that operate precisely and cost effectively . The Consumer division produced OEM bathroom scales , Accutire ® brand tire pressure gauges and other products . About RDL / Fervent Group Founded in 1981 , RDL / Fervent Group is a full - service OEM supplier for electronics products and sensor - based consumer products including scales , radio frequency ( RF ) products and smart energy - saving devices . Headquartered in Hong Kong , the company has a current workforce of 2,000 and a modern , 800,000 square foot manufacturing facility in Shenzhen , China . Capabilities include integrated circuit ( IC ) bonding and wiring , surface - mount technology ( SMT ) , printed circuit board ( PCB ) module assembly , plastic injection molding , and metal stamping processes . Company Contact : Frank Guidone , CEO , ( 757 ) 766 - 4400 Investor Contact : Aimee Boutcher or Daniel Boutcher , ( 973 ) 239 - 2878