MFLEX Enters Into Registration Rights Agreement With Majority
Shareholder WBL Corporation Limited and Intends to File Shelf
Registration Statement
IRVINE, Calif. and
SINGAPORE,
Dec. 3, 2012
/PRNewswire/ -- Multi-Fineline Electronix, Inc. (NASDAQ:
MFLX) ("MFLEX" or "the Company"), a leading global provider of
high-quality, technologically advanced flexible printed circuit and
value-added component assembly solutions to the electronics
industry, and WBL Corporation Limited (together with
its subsidiaries, "WBL"), which is listed on the Singapore Exchange
Securities Trading Limited, today announced that they have
entered into a Registration Rights Agreement. As
of the date of this announcement, WBL's beneficial ownership in
MFLEX is approximately 62 percent. In accordance
with the Registration Rights Agreement, MFLEX intends to file a
shelf registration statement on Form S-3 with the U.S. Securities
and Exchange Commission ("SEC") to register all 14,817,052 shares
of common stock held by WBL for resale. MFLEX is
not registering any primary shares to sell on its own
behalf.
MFLEX also announced today that it is entering into a 10b5-1
plan providing for the repurchase of up to 200,000 shares in the
aggregate of the Company's common stock on the open
market. The timing, price, volume and terms of
the repurchases will be based on market conditions, relevant
securities laws and other factors. This plan
will remain in effect through the end of the calendar year or until
the repurchase of the shares under such authorization is completed
(if earlier), unless terminated earlier pursuant to certain
conditions.
Norman Ip, Chairman of WBL
Corporation Limited, stated, "Once declared effective by the SEC,
the shelf registration will provide WBL an avenue to monetize our
holdings, whether in whole or in part, of MFLEX common stock, as we
execute our strategic options for our technology businesses to
enhance shareholder value. The shelf
registration will enable us to access the capital markets in
optimal market conditions."
Reza Meshgin, Chief Executive
Officer of MFLEX, added, "We would expect an offering, if made, to
increase MFLEX's public float and further diversify our shareholder
base. In the meantime, we believe our business
remains on track as we continue to support the strong demand
forecasts we are seeing from our smartphone and tablet
customers."
Pursuant to the terms of the Registration Rights Agreement, WBL
may not make an offering of MFLEX common stock until at least 14
days after the termination of the 10b5-1 plan the Company
anticipates entering into today. Any
disposition, whether in whole or in part, of any of WBL's shares of
MFLEX common stock may be subject to conditions, including but not
limited to, regulatory approvals, receipt of third party consents
and WBL shareholder approval. WBL anticipates making further
announcements regarding its plans at the appropriate time.
The shelf registration statement that MFLEX expects to file with
the SEC has not yet become effective. The shares of MFLEX common
stock held by WBL may not be sold under the shelf registration nor
may offers to buy be accepted prior to the time the registration
statement becomes effective. Any offering of
MFLEX common stock by WBL will be made only by means of prospectus,
copies of which may be obtained at the SEC website at www.sec.gov
once filed. This press release does not constitute an offer to sell
or the solicitation of an offer to buy these securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About MFLEX
MFLEX (www.mflex.com)
is a global provider of high-quality, technologically advanced
flexible printed circuit and value-added component assembly
solutions to the electronics industry. The Company is one of a
limited number of manufacturers that provides a seamless,
integrated end-to-end flexible printed circuit solution for
customers, ranging from design and application engineering,
prototyping and high-volume manufacturing to turnkey component
assembly and testing. The Company targets its solutions within the
electronics market and, in particular, focuses on applications
where flexible printed circuits are the enabling technology in
achieving a desired size, shape, weight or functionality of an
electronic device. Current applications for the Company's products
include smartphones, tablets, computer/data storage, portable bar
code scanners and other consumer electronic devices. MFLEX's common
stock is quoted on the Nasdaq Global Select Market under the symbol
MFLX.
About Wearnes
Founded in 1906, WBL
Corporation Limited (Wearnes or the Group) is a leading Asian
multinational conglomerate listed on the Singapore Exchange. The
Group's key activities include technology, automotive, property and
engineering, manufacturing & distribution. The Group's
technology business is comprised primarily of its investment in
majority-owned, NASDAQ listed unit, Multi-Fineline Electronix, Inc
(MFLEX). In automotive, Wearnes represents 11 world-renowned brands
with operations throughout the region: Bentley, BMW, Bugatti,
Infiniti, Jaguar, Land Rover, Mazda, McLaren, Renault, Volkswagen,
and Volvo. Wearnes' property business is mainly in China. Its current projects include a high-end
residential project on a strategically located 319,364 sq m site in
Chengdu, and a prime mixed-used
commercial-residential property with a total built-up area of
greater than 300,000 sq m in Shenyang. The Engineering, Manufacturing &
Distribution division consists of systems integrator O'Connor's, as
well as Wearnes' sand mining, building materials, LPG and equipment
distribution businesses.
Certain statements in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve
a number of risks, uncertainties and assumptions which, if they do
not materialize or prove correct, could cause results to differ
materially from those expressed or implied by such forward-looking
statements. All statements, other than
statements of historical fact, are statements that could be deemed
forward-looking statements, including, but not limited to,
statements pertaining to the Company's plans, strategies or
objectives, the Company's future operations and financial condition
or prospects, and any statement which is preceded by the words
"will," "expect," "believe," "intend,"
"anticipate," "schedule" or similar words. For
such statements, the company claims the protection of the Private
Securities Litigation Reform Act of 1995. Actual events or results
may differ materially from the company's
expectations. Important factors that could cause
actual results to differ materially from those stated or implied by
the Company's forward-looking statements are disclosed in the
Company's public filings with the Securities and Exchange
Commission, available at www.sec.gov, including its Annual
Report on Form 10-K for the year ended September 30,
2012. These forward-looking
statements represent the Company's judgment as of the date of this
release. The Company disclaims any intent or
obligation to update these forward-looking
statements.
Contact:
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Stacy
Feit
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Multi-Fineline Electronix, Inc.
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Tel:
213-486-6549
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Email:
investor_relations@mflex.com
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Contact:
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Mok Lai
Siong
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WBL
Corporation Limited
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Tel:
(65) 6430 4604
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Email:
laisiong.mok@wearnes.com
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SOURCE Multi-Fineline Electronix, Inc.