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Blank check company and metrology tool firm Negevtech merge
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Israel Growth Partners Acquisition Corporation (GPAC), an Israeli
blank check company, is to take control of Israel-based metrology firm
Negevtech. Following the transaction, Negevtech will have access to
approximately $55 million currently held in IGPAC's trust account.
Approximately $11 million will be used for working capital and to repay
some of Negevtech’s indebtedness. IGPAC CEO is Carmel Vernia, former
Chairman and CEO of Tower Semiconductor.
"We are happy to join forces with IGPAC; the merger will enable us to
drive market penetration of our recently introduced 3300 product line
which is gaining strong acceptance with customers worldwide,” said Dr.
Rivi Sherman, President and Chief Executive Officer of Negevtech.
“Furthermore we are eager to accelerate the development of our next
generation inspection system which holds great promise for the
company's future.”
“The
coupling of Negevtech's innovative technology and industry presence,
with IGPAC's access to capital will create superior conditions to
expand Negevtech's customer base and product offering," commented
Carmel Vernia, Chief Executive Officer of IGPAC.