Micro Component Technology, Inc. (OTCBB:MCTI) today reported it entered into an agreement with Laurus Master Fund, Ltd., the Company’s secured lender. The agreement extends the maturity dates for all of the notes issued by the Company to Laurus to September 30, 2009.
MCT’s President, Chairman and Chief Executive Officer, Roger Gower, commented, “This agreement, to extend the maturity dates of all our debt to September 30, 2009, was extremely important to MCT and exhibited the confidence of Laurus in our efforts. Another important factor was our solid financial performance in 2007 that has generated EBITDA of $875,000 through the third quarter, as previously reported.”
In consideration for the extension by Laurus of the note maturity dates, the company granted Laurus a ten year warrant to purchase 3,500,000 shares of common stock with an exercise price of $.01 per share. However, Laurus has agreed that it will not sell any of these shares or any shares acquired under the other warrant issued to it in 2007, prior to January 1, 2009. In addition, after that date, on any trading day, the sales of these shares by Laurus will not exceed 20% of the aggregate number of shares of Company common stock sold on that day.
MCT is a leading manufacturer of test handling and automation solutions satisfying the complete range of handling requirements of the global semiconductor industry. MCT has recently introduced several new products under its Smart Solutions™ line of automation products, including Tapestry®, SmartMark™, SmartSort™, and SmartTrak™, which are designed to automate the back-end of the semiconductor manufacturing process. MCT believes it has the largest installed IC test handler base of any manufacturer, with over 11,000 units worldwide. MCT is headquartered in St. Paul, Minnesota, with its core manufacturing operation in Penang, Malaysia. MCT is traded on the OTC Bulletin Board under the symbol MCTI.
For more information on the Company, visit its web site at http://www.mct.com
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the timely development and acceptance of new products, the impact of competitive products and pricing, the impact on cash and results of operations from a flattening or renewed downturn in the semiconductor capital equipment market, the need for additional financing, and the other factors detailed from time to time in the Company's SEC reports, including but not limited to the discussion in the Risk Factors and Management's Discussion & Analysis included in Form 10-K for the year ended December 31, 2006, first quarter ending March 31, 2007, second quarter ending June 30, 2007 and third quarter ending September 29, 2007.
Micro Component Technology, Inc.
Roger E. Gower, President/C.E.O., 651-697-4000
or
Michelle Sprunck, Investor Relations, 651-697-4026