IntriCon Sells Ownership in Joint Venture
Company's 50-Percent Stake in Global Coils Sold to Joint Venture
Partner, Audemars SA
ARDEN HILLS, Minn.--(BUSINESS WIRE)--
IntriCon Corporation (NASDAQ: IIN), a designer, developer,
manufacturer and distributor of miniature and micro-miniature body-worn
devices, today announced that during the third quarter it completed the
sale of its 50-percent ownership interest in Global Coils, to its
Switzerland-based joint venture partner, Audemars SA. The Global Coils
joint venture designs, manufactures, markets and sells audio coils
primarily to the European hearing health industry.
"The sale of our stake in Global Coils was in the best interest of both
Audemars and IntriCon," said Mark S. Gorder, president and chief
executive officer at IntriCon. "This move allows us to focus more
capital and resources on developing core technologies and expanding our
sales and marketing group—both of which are important to growing our
medical body worn device business."
Audemars, which paid $426,000 in cash for IntriCon's stake at closing,
will make future payments, both one time and recurring, as specified in
the purchase agreement. Audemars also will transfer certain hearing
health inventory to IntriCon. IntriCon expects to record a third-quarter
gain on the sale in the range of $750,000 to $850,000 pretax, or $0.13
to $0.14 per share. Including the impact of the gain on sale, IntriCon
anticipates modest profitability in the third quarter, ended Sept. 30,
2012.
About IntriCon Corporation
Headquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures miniature
and micro-miniature body-worn devices. These advanced products help
medical, healthcare and professional communications companies meet the
rising demand for smaller, more intelligent and better connected
devices. IntriCon has facilities in the United States, Asia and Europe.
The company's common stock trades under the symbol "IIN" on the NASDAQ
Global Market. For more information about IntriCon, visit www.intricon.com.
Forward-Looking Statements
Statements made in this release
and in IntriCon's other public filings and releases that are not
historical facts or that include forward-looking terminology are
"forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements may
be affected by known and unknown risks, uncertainties and other factors
that are beyond IntriCon's control, and may cause IntriCon's actual
results, performance or achievements to differ materially from the
results, performance and achievements expressed or implied in the
forward-looking statements. These risks, uncertainties and other factors
are detailed from time to time in the company's filings with the
Securities and Exchange Commission, including the Annual Report on Form
10-K for the year ended December 31, 2011. The company disclaims any
intent or obligation to publicly update or revise any forward-looking
statements, regardless of whether new information becomes available,
future developments occur or otherwise.
At IntriCon:
Scott Longval, CFO, 651-604-9526
slongval@intricon.com
or
At
Padilla Speer Beardsley:
Matt Sullivan, 612-455-1700
msullivan@padillaspeer.com
Source: IntriCon
News Provided by Acquire Media
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