PHOENIX -- Bankrupt EMS firm Three-Five Systems, once a major player in cellphone liquid crystal displays, will make a final liquidating distribution to certain stockholders and will file with the SEC to deregister its securities and complete the process to dissolve.

The company has completed all distributions required to be made to its creditors under terms of an amended reorganization plan filed on March 15, 2006, in US Bankruptcy Court, and will make a final liquidating distribution on Feb. 9 to holders of its common stock.

There are 21.8 million shares issued and outstanding, and $2.42 million in proceeds available to be distributed. The company's stock transfer books will be closed as of the close of business on Jan. 29.

Following the liquidating distribution, the company will file for the purpose of deregistering its securities, and will complete the process to dissolve in accordance with its charter and applicable state law.

In September 2003, Three-Five spun off its LCD business into Brillian Corp. (Brillian also went bankrupt). After watching its finances crumble -- the company had sales of $161 million 2001, but was badly damaged by the loss of Motorola, its largest customer -- Three-Five in 2005 sold its EMS operations in Redmond, WA, to Catalyst Manufacturing Services, and its small form factor-display business to International Display Works Inc. It filed Chapter 11 bankruptcy shortly thereafter.

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