Kopin Corporation Divests Interest In Recon Instruments
June 22 2015 - 8:30AM
Business Wire
Kopin Corporation (NASDAQ:KOPN) a leading developer of
innovative wearable computing technologies and defense solutions,
today announced it had divested its equity interest in Recon
Instruments (Recon) as part of Intel Corporation’s acquisition of
Recon.
“We were an early investor and are a long time supplier of
displays to Recon and have shared their vision for head mounted
wearable technologies,” said Dr. John C.C. Fan, President and CEO.
“Their acquisition by Intel is further evidence to us that the head
mounted wearable technology segment will grow significantly. We
believe this transaction will allow Recon to capitalize on their
talents and technology.”
Kopin anticipates that it will receive approximately $6 million
in cash proceeds for its equity interest, subject to certain
closing conditions including a working capital adjustment.
About Kopin
Kopin Corporation is a leading developer and provider of
innovative wearable technologies and solutions for integration into
head-worn computing and display systems to military, industrial and
consumer customers. Kopin’s technology portfolio includes
ultra-small displays, optics, speech enhancement technology, system
and hands-free control software, low-power ASICs, and ergonomically
designed smart headset reference systems. Kopin’s proprietary
components and technology are protected by more than 300 global
patents and patents pending. For more information, please visit
Kopin’s website at www.kopin.com.
Forward-Looking Statements
Statements in this news release may be considered
“forward-looking” statements under the “Safe Harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
include, without limitation, statements relating to significant
growth in head mounted wearable technology segment and receipt of
the $6 million in cash proceeds for its equity interest. These
statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those expressed in
the forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: the wearable
technology segment may not grow or if it does we may be unable to
participate in the growth; final closing proceeds may be more or
less than $6 million; manufacturing, marketing or other issues
may prevent either the adoption or acceptance of products; the
Company might be adversely affected by competitive products and
pricing; new product initiatives and other research and development
efforts may be unsuccessful; the Company could experience the loss
of significant customers; costs to produce the Company’s products
might increase significantly, or yields could decline; and the
Company’s customers might be unable to ramp production volumes of
its products; and other risk factors and cautionary statements
listed in the Company’s periodic reports and registration
statements filed with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the 12 months
ended December 27, 2014, and the Company’s subsequent filings
with the Securities and Exchange Commission. You should not
place undue reliance on any forward-looking statements, which speak
only as of the date on which they are made. The Company undertakes
no responsibility to update any of these forward-looking statements
to reflect events or circumstances occurring after the date of this
report.
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version on businesswire.com: http://www.businesswire.com/news/home/20150622005332/en/
Kopin CorporationRichard Sneider,
508-870-5959CFOrsneider@kopin.com
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