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[November 2002]
SEMX Corp Signs Letter of Intent to Sell Polese Co
SEMX Corporation (Armonk, NY, USA) has signed a letter of intent for the sale of its San Diego based Polese Company business. Due diligence is being completed and the transaction is expected to close as soon as practicable thereafter.The sale is subject to customary closing conditions including obtaining the requisite consents and approvals and the purchaser reaching acceptable employment agreements with key Polese personnel. The letter of intent provides the buyer with an exclusivity period through until 30 November 2002, unless extended, in order to meet these conditions.
SEMX Corp and its subsidiaries principally design, develop, manufacture and market proprietary thermal management materials, microelectronic ceramic products and packages and interconnect products and materials for critical components and other specialised microelectronic devices. The corporation also owns a 50.1% interest in International Semiconductor Products of Singapore that reclaims silicon test wafers for the semiconductor industry.
ENDS