July 15, 2002 — Measurement Specialties Inc., a Fairfield, N.J.-based designer and manufacturer of MEMS sensors and sensor-based consumer products undergoing a restructuring, today announced it has delayed filing its annual report for fiscal year 2002. The American Stock Exchange has halted trading of the company’s stock. Measurement Specialties did not provide a reason for failing to file the report on time.
The company also said it had signed an agreement to sell its Milpitas, Calif. wafer fab facility, a manufacturing location for sensors and MEMS R&D, to Silicon Microstructures Inc., a subsidiary of Elmos Semiconductor AG. The transaction, totaling $5.22 million, is comprised of $1.85 million in prepaid credit for products and services and $3.35 million in cash to be paid at closing. The company expects to close the deal on Aug. 1, 2002.
Chairman Joseph Mallon said the two announcements today were unrelated. Last week, the company announced it had successfully negotiated a forbearance agreement with lenders through Nov. 1, 2002. Mallon said the company will provide details of the agreement in an upcoming conference call.