CMSF Corporation Merges with Plures Technologies, Inc., a Specialized Semiconductor Company
June 01 2011 - 12:35PM
Business Wire
CMSF Corporation (OTCBB:CMSF) has no significant operations. Its
stated purpose has been to seek a merger with an operating company.
Today, CMSF announced that it has entered into such an agreement to
merge with Plures Technologies, Inc. Plures, through its 95%-owned
subsidiary, Advanced MicroSensors Corporation, is a semiconductor
foundry with unique expertise and capabilities to develop and
fabricate high-quality, high-margin
micro-electro-mechanical-systems (MEMS) and spintronics
solutions.
On May 23, 2011, RENN Universal Growth Investment Trust PLC and
RENN Global Entrepreneurs Fund, Inc. purchased $1,500,000 and
$500,000 Plures promissory notes, respectively. At the same time,
CMSF agreed to a merger with Plures. The merger will be consummated
in the coming months. Simultaneous with the consummation of the
merger, RENN Universal and RENN Global will convert their debt to
equity in the combined Plures-CMSF entity, which will be called
Plures Technologies, Inc.
After the closing of the merger (and upon conversion of debt to
equity), 72.5% of the combined entity’s outstanding common stock
will be owned by the current stockholders of Plures, 20.5% of the
stock will be owned by RENN Universal, 6.8% will be owned by RENN
Global and 0.2% will be owned by existing CMSF shareholders
unrelated to Plures, RENN Universal or RENN Global. For additional
details on the transaction, please refer to the Form 8-K CMSF filed
on May 25, 2011.
Stephen Crosson, chief executive officer of CMSF stated: “After
a long, thorough search for a merger partner, we believe our
patience has been rewarded. We are fortunate to have found a
growing technology company like Plures with which to merge and we
are eager to see the company succeed.”
Russell Cleveland, president of RENN Capital Group, Inc.,
investment adviser to both RENN Universal and RENN Global, stated:
“Plures is a specialized company with unique capabilities in the
semiconductor business. It has the ability to deliver to customers
what others cannot. We have, in Plures, invested alongside an
entrepreneurial management team and we are looking forward to
working with them as they take a world-class technology to the next
level.”
“We are pleased to welcome CMSF, RENN Universal and RENN Global
as investment partners. With the backing of CMSF, RENN Universal,
RENN Global and our other partners, we will be able to fully
utilize our extensive experience and know-how in MEMS and
spintronics as we implement our growth initiatives in these two
markets, each of which is projected to deliver double-digit annual
growth through 2015” stated Glenn Fricano, president of Plures.
For more information on Advanced MicroSensors Corporation,
Plures’ 95%-owned subsidiary, please visit
www.advancedmicrosensors.com.
For additional information about RENN Universal or RENN Global,
please visit www.rencapital.com.
Forward Looking Statements
This report contains forward-looking statements. Such statements
reflect the current views of CMSF with respect to future events and
are subject to certain risks, uncertainties, and assumptions.
Although CMSF believes that the expectations reflected in such
forward-looking statements are reasonable, should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual future results or events may
vary materially from those described herein. Past performance is
not indicative of future results.