M-Flex Announces WBL Shareholders Vote Against Accepting the MFS Technology Offer
ANAHEIM, Calif., June 26 /-- Multi-Fineline Electronix, Inc. (NASDAQ:MFLX), a leading global provider of high-quality, technologically advanced flexible printed circuit and value-added component assembly solutions to the electronics industry, announced today that according to WBL Corporation Limited ("WBL"), the majority stockholder of M-Flex, its shareholders have voted against tendering WBL's shares of MFS Technology Ltd ("MFS") for stock consideration in the conditional offer by M-Flex for all of the outstanding shares of MFS (the "Offer"), and against voting WBL's M-Flex stock in favor of the Offer. Approval of the shareholders of WBL for the Offer was a pre-condition (the "WBL Shareholder Precondition") to M-Flex making the Offer. The date by which all pre-conditions to the Offer must be met is June 30, 2007. Accordingly, since one of the pre-conditions to the Offer, namely the WBL Shareholder Precondition, will not be met by June 30, 2007, M-Flex's special committee of independent directors intends to withdraw M-Flex's amended Registration Statement on Form S-4 regarding the Offer.
M-Flex's special committee had withdrawn its recommendation for the Offer in August 2006.
According to Phil Harding, M-Flex's chairman and chief executive officer, with the uncertainty related to the Offer resolved, the company will continue to move forward and to take advantage of its current opportunities to meet market demand for its products while working to further diversify its customer base among the leading manufacturers of portable handheld electronic devices.
M-Flex (http://www.mflex.com/) is a global provider of high-quality, technologically advanced flexible printed circuit and value-added component assembly solutions to the electronics industry. The company is one of a limited number of manufacturers that provides a seamless, integrated end-to- end flexible printed circuit solution for customers, ranging from design and application engineering, prototyping and high-volume manufacturing to turnkey component assembly and testing. The company targets its solutions within the electronics market and, in particular, focuses on applications where flexible printed circuits are the enabling technology in achieving a desired size, shape, weight or functionality of an electronic device. Current applications for the company's products include mobile phones and smart mobile devices, personal digital assistants, mobile power adapters, medical devices, computer/data storage, and portable bar code scanners. M-Flex's common stock is quoted on the Nasdaq Global Select Market under the symbol MFLX.
Source: M-Flex; Multi-Fineline Electronix, Inc.
CONTACT: Connie Chandler of M-Flex, Investor Relations, +1-714-573-1121, email@example.com
Web site: http://www.mflex.com/