EMCORE Enters into a Purchase Agreement for its Concord Facility
ALHAMBRA, Calif., Jan. 06, 2020 (GLOBE NEWSWIRE) -- EMCORE Corporation (NASDAQ: EMKR), a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s leading-edge defense systems and high-speed communication network infrastructures, announced it has entered into a purchase agreement for a sale and leaseback transaction.
Under the terms of the purchase agreement, EMCORE agreed to sell its property in Concord, California for a total purchase price of $13.4 million. EMCORE anticipates that the close of the sale and leaseback transaction will occur in the first calendar quarter of 2020, subject to satisfaction of certain customary closing conditions for transactions of this type.
About EMCORE
EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s leading-edge defense systems and high-speed communication network infrastructures. Our optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily. The Mixed-Signal Optics technology at the heart of our broadband transmission products is shared with our fiber optic gyros and military communications links to provide the aerospace and defense markets state-of-the-art systems that keep us safe in an increasingly unpredictable world. EMCORE’s performance-leading optical components and systems serve a broad array of applications including navigation systems and military communications, cable television, fiber-to-the-premise networks, telecommunications, data centers, wireless infrastructure and satellite RF fiber links. EMCORE has fully vertically-integrated manufacturing capability through its world-class Indium Phosphide (InP) wafer fabrication facility at our headquarters in Alhambra, California, and is ISO 9001 certified in Alhambra and at our facility in Beijing, China. For more information, please visit www.emcore.com.
Forward-looking statements:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the closing and the anticipated timing of such closing of the sale and leaseback transaction. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the ability of EMCORE to meet its closing conditions to the sale and leaseback transaction; (b) the risk that the timing of the sale and leaseback transaction is delayed or that the transaction does not occur at all; and (c) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2018, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
EMCORE Corporation
Tom Minichiello
(626) 293-3400
investor@emcore.com
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
(617) 542-6180
investor@emcore.com
Released January 6, 2020