News
SALT LAKE CITY - -CirTran Corp., an contract electronics manufacturer, today announced the termination of a pair of finanical arrangements worth up to $25 million with Cornell Capital Partners.
CirTran cancelled a standby equity distribution agreement (SEDA) signed more than a year ago and worth $20 million. The EM company also cancelled a $5 million equity line of credit with Cornell.
Iehab J. Hawatmeh, CirTran's founder and president, said the termination of his company's relationship with Cornell came after CirTran negotiated and completed issuance of a $3.75 convertible debenture at "far more favorable rates" as the latest step in its strategic financial plan.
Hawatmeh said CirTran will withdraw the registration statement currently being reviewed by the SEC regarding shares to be issued to Cornell. In addition, he said that CirTran will receive more than 38 million of its shares currently held in escrow by Cornell in connection with the previously-outstanding notes, and that CirTran will not issue any additional shares of common stock to Cornell with relation to the equity line or SEDA.
The legislation, sponsored by Senator Charles Schumer (D-NY), poses a harsh and controversial reply to
MINNEAPOLIS –The SMTA has once again organized the Contract Manufacturing Symposium to provide information to form profitable relationships for the contract manufacturer, customer and investor. Organized by Mike Buetow, editor in chief of Circuits Assembly, the symposium will take place Sept. 26, as part of the co-located SMTA Internation/ ATExpo Show in Rosemont, IL.
One session on Mid-Tier EMS Strategy will focus on the continuing demand for high service solutions in North America by looking at three different service providers and the competitive strategies they have used to meet the needs of their niche markets.
The second session, Models and Markets, will examine an exciting emerging sector known as JDM (joint design manufacturer), in which aerospace and defense OEMs collaborate on design with EMS providers, and also a methodical process to OEM supplier selection and emerging market opportunities will be discussed.
Papers will include:
- Creating a High Service EMS Environment Through Business Process Alignment;
- Optimizing Lean Manufacturing in EMS;
- Key Issues in Supporting Lead-free and Complex Prototypes in the EMS Environment;
- Design Collaboration in A&D Leads to Emergence of Joint Design Manufacturers;
- Capability Maturity Model for Outsourcing Improvement: A Case Study;
- Emerging Market Opportunities.
For details, visit smta.org/smtai.
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