MEMSCAP (NYSE Euronext: MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, today announced the sale of its stake in INTUISKIN/ICOSMECEUTICALS.
MEMSCAP has completed today the sale of its 11.6% stake in the company INTUISKIN/ICOSMECEUTICALS for net disposal proceeds of EUR 2.9 million in cash.
The consolidated financial gain from this sale amounts to EUR 1.3 million.
The sale of this asset which is not related to Company core businesses strengthens the available cash of the Group with an additional amount of EUR 2.9 million.
Moreover, the MEMSCAP Group retains the ownership of the IOMA brand and certain related trademarks. Consequently MEMSCAP keeps on receiving royalty payments on IOMA sales via an exclusive license agreement with INTUISKIN/ICOSMECEUTICALS. This license agreement includes a buy-out option on those assets, which can be executed by INTUISKIN/ICOSMECEUTICALS at any time, by the payment to MEMSCAP of EUR 3.5 million in cash.
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MEMSCAP general shareholders’ meeting: June 28 2012, in Bernin (38), France
Revenue and earnings for the 2nd quarter 2012: July 27, 2012
MEMSCAP is the leading provider of innovative micro-electro-mechanical systems (MEMS)-based solutions. MEMSCAP standard and custom products and solutions include components, component designs (IP), manufacturing and related services. MEMSCAP customers include Fortune 500 businesses, major research institutes and universities. The company's shares are traded on the Eurolist of NYSE Euronext Paris S.A (ISIN: FR0010298620-MEMS) and belong to the CAC small, CAC Mid & Small, CAC All-Tradable and CAC All-Share indexes. More information on the company's products and services can be obtained at www.memscap.com.