ACL Semiconductors Enters into New MOU for Acquisition of Manufacturer and Distributor of Consumer Electronic Appliances
Poster: SySAdmin
Posted on April 4, 2012 at 10:21:01 AM
ACL Semiconductors Enters into New MOU for Acquisition of Manufacturer and Distributor of Consumer Electronic Appliances
-Agreement will further diversify ACL product portfolio in the three "C" markets-
HONG KONG, April 4, 2012 /PRNewswire/ -- ACL Semiconductors (OTC Bulletin Board: ACLO) ("ACL"), the leading China-based distributor of Samsung semiconductor products in Southern China and Hong Kong, announced today that it has entered into a memorandum of understanding ("MOU") to acquire an independent third party, Jussey Investments, the majority owner of USmart Electronic Products. USmart specializes in the manufacture and distribution of computer peripherals, premium smartphones, high-end tablets, flash storage, communication devices and consumer electronics appliances.
Alan Yang, the CEO and Chairman of ACL commented, "We are excited to enter into another memorandum of understanding with the intention of further diversifying our business and expanding into a rapidly growing market segment. USmart is a company that embodies the rapidly growing three 'C' markets - computers, consumer electronic appliances and communication technologies. It is our hope that this MOU will mark the beginning of a long-lasting and mutually beneficial relationship. This potential acquisition will enable better coordination of our resources, reduce process redundancies, and increase the adoption rate of our semiconductor products in three 'C' devices."
"As always, the management of ACL is committed to acting in the best interest of our shareholders, and will continue to ensure the Company's goals are achieved effectively," Mr. Alan Yang added. "The goal of working with Jussey Investments is to improve the performance of ACL's semiconductor distribution business from top-to-bottom. This potential acquisition represents a further strengthening of our ability to fulfil ACL's commitment to maintaining a healthy product portfolio as we pursue opportunities in the three 'C' markets," he concluded.
An acquisition will be based upon a definitive purchase agreement to be negotiated only after the completion of a satisfactory due diligence exercise. The due diligence exercise is expect to be completed within sixtydays of the MOU's signing date (March 30th, 2012).
About ACL Semiconductors Inc.
ACL Semiconductors distributes electronic components under the "Samsung" brand name to the Hong Kong and South China markets. The semiconductor products are used in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information about ACL Semiconductors please visit ACL Semiconductors' corporate website at http://www.acl-semicon.com.
Forward-Looking Statements
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's SEC reports and filings.
SOURCE ACL Semiconductors Inc.
ACL Semiconductors Inc.
CONTACT: Investor Contacts, Kun Lin Lee, Chief Financial Officer, ACL Semiconductors Inc., +1-408-981-9363, +852-3666-9939, klee@atlantic.com.hk; or Joseph Villalta, The Ruth Group, +1-646-536-7003, jvillalta@theruthgroup.com
Web Site: http://www.acl-semicon.com
-Agreement will further diversify ACL product portfolio in the three "C" markets-
HONG KONG, April 4, 2012 /PRNewswire/ -- ACL Semiconductors (OTC Bulletin Board: ACLO) ("ACL"), the leading China-based distributor of Samsung semiconductor products in Southern China and Hong Kong, announced today that it has entered into a memorandum of understanding ("MOU") to acquire an independent third party, Jussey Investments, the majority owner of USmart Electronic Products. USmart specializes in the manufacture and distribution of computer peripherals, premium smartphones, high-end tablets, flash storage, communication devices and consumer electronics appliances.
Alan Yang, the CEO and Chairman of ACL commented, "We are excited to enter into another memorandum of understanding with the intention of further diversifying our business and expanding into a rapidly growing market segment. USmart is a company that embodies the rapidly growing three 'C' markets - computers, consumer electronic appliances and communication technologies. It is our hope that this MOU will mark the beginning of a long-lasting and mutually beneficial relationship. This potential acquisition will enable better coordination of our resources, reduce process redundancies, and increase the adoption rate of our semiconductor products in three 'C' devices."
"As always, the management of ACL is committed to acting in the best interest of our shareholders, and will continue to ensure the Company's goals are achieved effectively," Mr. Alan Yang added. "The goal of working with Jussey Investments is to improve the performance of ACL's semiconductor distribution business from top-to-bottom. This potential acquisition represents a further strengthening of our ability to fulfil ACL's commitment to maintaining a healthy product portfolio as we pursue opportunities in the three 'C' markets," he concluded.
An acquisition will be based upon a definitive purchase agreement to be negotiated only after the completion of a satisfactory due diligence exercise. The due diligence exercise is expect to be completed within sixtydays of the MOU's signing date (March 30th, 2012).
About ACL Semiconductors Inc.
ACL Semiconductors distributes electronic components under the "Samsung" brand name to the Hong Kong and South China markets. The semiconductor products are used in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information about ACL Semiconductors please visit ACL Semiconductors' corporate website at http://www.acl-semicon.com.
Forward-Looking Statements
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's SEC reports and filings.
SOURCE ACL Semiconductors Inc.
ACL Semiconductors Inc.
CONTACT: Investor Contacts, Kun Lin Lee, Chief Financial Officer, ACL Semiconductors Inc., +1-408-981-9363, +852-3666-9939, klee@atlantic.com.hk; or Joseph Villalta, The Ruth Group, +1-646-536-7003, jvillalta@theruthgroup.com
Web Site: http://www.acl-semicon.com