Kopin Receives Final $15 Million Payment for Sale of III-V Product Line
January 19 2016 - 9:15AM
Business Wire
Kopin Corporation (NASDAQ:KOPN) today announced that the
Company has received $15 million from IQE PLC, a leading UK-based
designer and supplier of advanced semiconductor wafers, as the
final payment from the sale of its III-V Product line. Under the
terms of the sale, which was completed in January, 2013, Kopin sold
its advanced integrated circuit business for a total consideration
of approximately $70 million in cash, with the final payment
received today.
Kopin has utilized the proceeds from the sale to invest in the
development of wearables components, and today is a leader in
providing components to the leading enterprise and consumer
developers of head mounted displays, along with the military. At
the recent CES show Kopin demonstrated its smart eyewear for elite
cyclists called Solos; launched Whisper Voice Chip, its voice
extraction technology; announced the world’s smallest glass display
called the Pupil; and was featured in 13 different companies that
demonstrated products at the Show.
As of September 26, 2015, and before inclusion of the $15
million payment, Kopin had approximately $87 million of cash and
marketable securities, and no debt.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160119005159/en/
Kopin CorporationRichard Sneider, 508-824-6696Treasurer and
Chief Financial OfficerRichard_Sneider@kopin.comorMarket Street
PartnersJoann Horne,
415-445-3233JHorne@marketstreetpartners.com
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