|
Blank check company and metrology tool firm Negevtech merge |
|
|
|
Mar 07, 2008 at 04:28 PM |
|
 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.
|
News 
