SemiLEDs Announces Definitive Common Stock Purchase Agreement
HSINCHU, Taiwan--(BUSINESS WIRE)--
SemiLEDs Corporation (NASDAQ: LEDS), "SemiLEDs" or the "Company," a
developer and manufacturer of LED chips and LED components, today
announced it has entered into a definitive common stock purchase
agreement with Mr. XiaoQing Han, Chairman and CEO of Beijing XiaoQing
Environmental Protection Group. Under the terms of this agreement, Mr.
Han will acquire a 15% interest in SemiLEDs common stock at a purchase
price of $1.00 per share for a total consideration of $5.0 million and
will join the SemiLEDs Board of Directors upon closing of the
transaction.
Mr. XiaoQing Han is a veteran in the national environmental protection
industry within China, having studied water supply and drainage at
TsingHua University and Beijing University of Civil Engineering and
Architecture and having recently spent the past 20 years focused on the
water treatment sector. In 1988, Mr. Han founded Beijing XiaoQing
Environmental Protection Group which contracts construction projects
such as municipal water treatment, industrial wastewater treatment,
garbage disposal, recycling, sludge treatment, sewage, and rural biogas.
Beijing XiaoQing Environmental Protection Group's customers span
numerous industries including pharmaceutical, chemical, industrial, and
consumer foods and products across more than 14 provinces and regions
throughout China.
By aligning the interests of both SemiLEDs Corporation and Beijing
XiaoQing Environmental Protection Group, both companies expect to
benefit from operating synergies generated through the potential
formation of several joint projects including utilizing LED technology
into the waste water treatment plants, and, packaging LED luminaries in
Provinces and Regions throughout China. This unique combination of
environmental protection and energy saving technology is expected to
generate significant growth opportunities for both companies in the
years ahead.
"We are excited to bring Mr. XiaoQing Han onboard, and we look forward
to a very productive fiscal 2015," said Trung Doan, CEO of SemiLEDs. "We
expect the joint opportunities ahead will enable our two firms to grow
our business units and revenue while satisfying both our customers and
shareholders alike," concluded Doan.
About SemiLEDs
SemiLEDs develops and manufactures LED chips and LED components
primarily for general lighting applications, including street lights and
commercial, industrial and residential lighting, along with specialty
industrial applications such as ultraviolet (UV) curing,
medical/cosmetic, counterfeit detection, horticulture, architectural
lighting and entertainment lighting. SemiLEDs sells blue, white, green
and UV LED chips.
Forward Looking Statements
This press release contains statements that may constitute
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact could be deemed forward-looking,
including, but not limited to, any potential joint projects with Beijing
XiaoQing Environmental Protection Group, projections of future revenues,
income or other financial information; any statements about historical
results that may suggest trends for SemiLEDs' business; any statements
of the plans, strategies and objectives of management for future
operations; any statements of expectation or belief regarding recovery
of the LED industry, market opportunities and other future events or
technology developments; any statements regarding SemiLEDs' position to
capitalize on any market opportunities; and any statements of
assumptions underlying any of the foregoing. These forward-looking
statements are based on current expectations, estimates, forecasts and
projections of future SemiLEDs' or industry performance based on
management's judgment, beliefs, current trends and market conditions and
involve risks and uncertainties that may cause actual results to differ
materially from those contained in the forward-looking statements.
SemiLEDs' Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the "SEC") and other SemiLEDs filings with the SEC
(which you may obtain for free at the SEC's website at http://www.sec.gov)
discuss some of the important risks and other factors that may affect
SemiLEDs' business, results of operations and financial condition.
SemiLEDs undertakes no intent or obligation to publicly update or revise
any of these forward looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
SemiLEDs Corporation
Christopher Lee, 415-471-2700
Interim
Chief Financial Officer
investor@semileds.com
or
Sapphire
Investor Relations, LLC
Erica Mannion, 415-471-2700
Investor
Relations
investor@semileds.com
Source: SemiLEDs Corporation
News Provided by Acquire Media
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