SAN DIEGO, April 27, 2016 /PRNewswire/ -- Maxwell
Technologies, Inc. (NASDAQ: MXWL), a leading developer and
manufacturer of ultracapacitor-based energy storage and power
delivery solutions, today announced that it has completed the
previously announced sale of its microelectronics product line to
Data Device Corporation ("DDC"), a subsidiary of ILC Industries,
Inc. The sale included all assets and certain liabilities related
to the microelectronics product line. As part of the purchase
agreement, 37 employees have transitioned from Maxwell to DDC.
Existing product customers and business partners should see no
disruption in service.
The transaction purchase price was $21
million in cash. Canaccord Genuity acted as Maxwell's
exclusive financial advisor.
About Maxwell:
Maxwell is a global leader in the development and manufacture of
innovative, cost-effective energy storage and power delivery
solutions. Our ultracapacitor products provide safe and reliable
power solutions for applications in consumer and industrial
electronics, transportation and telecommunications. Our
high-voltage grading and coupling capacitors help to ensure the
safety and reliability of electric utility infrastructure and other
applications involving transport, distribution and measurement of
high-voltage electrical energy. For more information, please visit
our website: www.maxwell.com.
Forward-Looking Statements
Statements in this news
release that are "forward-looking statements" are based on current
expectations and assumptions that are subject to risks and
uncertainties and are subject to the Safe Harbor provisions created
by the Private Securities Litigation Reform Act of 1995. Actual
events may differ materially. Factors that may affect actual
results include, but are not limited to, whether and when the
closing conditions will be satisfied and whether and when the
transaction will close.
For further information regarding risks and uncertainties
associated with Maxwell's business, please refer to the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections of our SEC
filings, including, but not limited to, our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of these documents
may be obtained by contacting Maxwell's investor relations
department at (858) 503-3359, or at our investor relations website:
investors.maxwell.com.
Media & Investor Contact:
Amy Wakeham,
(858) 503-3359
awakeham@maxwell.com
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SOURCE Maxwell Technologies, Inc.