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[June 2005]
Ceramic Substrate Plant Part of Merger
The shareholders of Hytek Microsystems Inc (Carson City, NV, USA) approved the proposed merger agreement with Natel Engineering Co Inc (Chatsworth, CA, USA). The agreement provides that Natel will purchase all of the outstanding common shares of Hytek for US$2 per share.
Holders of a majority of Hytek's outstanding shares voted in favour of the merger. Although such approval is sufficient under state corporate law, the merger agreement contains additional conditions limiting the number of shares held by shareholders dissenting from the merger. The actual number of dissenting shares - which must be less than 10% of the outstanding shares - should be known soon, after which the transaction can close. At this point, Hytek will become a subsidiary of Natel Engineering and will no longer be a public company.
Natel Engineering, founded in 1975, is an independent manufacturer of a wide variety of microelectronic products, providing mid- to high-volume production to the defence, aerospace, fibre optics/optoelectronics, medical, space, RF microwave and telecommunications industries.
In January 2005, Natel announced the opening of its new 20,000sq.ft. LTCC and aluminium nitride high-volume automated ceramic substrate operation, located next to its current microelectronic assembly operation in Chatsworth.
Hytek, founded in 1974, reported fiscal 2004 revenues of US$10 million and is a manufacturer of microelectronic assemblies with expertise in custom advanced packaging technology used in high density microelectronic applications.
ENDS