IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced that it has completed the previously announced divestiture of Camden, Maine-based, IntriCon Tibbetts and its associated security, certain microphone and receivers businesses. IntriCon sold the business to Sierra Peaks Corporation, an Albuquerque, New Mexico-based corporation. The sale of security, certain microphone and receivers businesses, which closed on January 27, 2014, marks the final milestone in the global strategic restructuring plan announced by the company in June 2013. Financial terms of the deal were not disclosed.
"The conclusion of our global strategic restructuring plan will allow us to accelerate the company's future growth by focusing our resources on the highest potential growth areas: medical biotelemetry and value hearing health," said Mark S. Gorder, president and chief executive officer at IntriCon. "We are very pleased to have found excellent ownership to take over IntriCon Tibbetts and retain many of our skilled and dedicated employees."
IntriCon had previously disclosed its plan to divest the securities, certain microphone and receivers businesses, and results of operations for the businesses have been reported in discontinued operations since the second quarter of 2013.
Said John Rockwell, President of Sierra Peaks Corporation, "Sierra Peaks Corporation is the established leader in designing, developing and manufacturing high-quality customized systems. The acquisition of IntriCon Tibbetts provides a multitude of synergies for our existing business as we look to further broaden our engineering, technical skills and manufacturing capabilities. We intend to serve the loyal customer base of IntriCon Tibbetts, while expanding our reach and product offerings."
About Sierra Peaks Corporation
Based in Albuquerque, New
Mexico, Sierra Peaks Corporation is an agile, common sense, engineering,
design, prototyping and manufacturing company. Sierra Peaks has over 40
years of experience in designing and building hundreds of custom systems
for the government and commercial industry, including the aerospace and
automation industries.
About IntriCon Corporation
Headquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures miniature
and micro-miniature body-worn devices. These advanced products help
medical, healthcare and professional communications companies meet the
rising demand for smaller, more intelligent and better connected
devices. IntriCon has facilities in the United States, Asia and Europe.
The company's common stock trades under the symbol "IIN" on the NASDAQ
Global Market. For more information about IntriCon, visit www.intricon.com.
Forward-Looking Statements
Statements made in this release
and in IntriCon's other public filings and releases that are not
historical facts or that include forward-looking terminology are
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements may
be affected by known and unknown risks, uncertainties and other factors
that are beyond IntriCon's control, and may cause IntriCon's actual
results, performance or achievements to differ materially from the
results, performance and achievements expressed or implied in the
forward-looking statements. These risks, uncertainties and other factors
are detailed from time to time in the company's filings with the
Securities and Exchange Commission, including the Annual Report on Form
10-K for the year ended December 31, 2012. The company disclaims any
intent or obligation to publicly update or revise any forward-looking
statements, regardless of whether new information becomes available,
future developments occur or otherwise.
At IntriCon:
Scott Longval, CFO, 651-604-9526
slongval@intricon.com
or
At
PadillaCRT:
Matt Sullivan, 612-455-1700
matt.sullivan@padillacrt.com