Integrated Performance Systems consolidates manufacturing facilities, expands metal-back and high-frequency circuit processing capacity
Jan 26, 2005
Integrated Performance Systems (OTC Bulletin Board: IPFS), a PCB and electronics component manufacturer, announced that it plans to consolidate its PC Dynamics manufacturing operations located in Frisco, Texas into its state-of-the-art, 101,000 square foot Lone Star Circuits facility located in Wylie, Texas.
PC Dynamics, a wholly owned subsidiary of IPFS, manufactures complex multi-layer printed circuit boards used in high-power microwave interconnect solutions, antennas, integrated substrate components, defense related sub-system assemblies and consumer electronics. Lone Star Circuits (LSC) is a manufacturer of time sensitive, high tech, prototype and pre-production printed circuit boards. For more information on Lone Star Circuits visit www.lonestarcircuits.com.
Effective November 24, 2004 (the "Effective Time"), through a wholly-owned subsidiary LSC Merger Corp., a Texas corporation ("Acquisition Co"), IPFS acquired all of the capital stock of LSC through an exchange of Common Stock pursuant to an Agreement and Plan of Merger (the "Merger"). In connection with the Merger, the IPFS fiscal year end was also changed from November 30 to July 31.
Upon the effectiveness of the Merger, the former executive officers of IPFS resigned from their respective positions, and the executive officers of LSC were duly elected as their successors as follows: Brad Jacoby, President and Chief Executive Officer, Brad Peters, Chief Financial Officer and Brent Nolan, Chief Operating Officer.
Brent Nolan commented, "It is our intent to duplicate all of the manufacturing processes found at the Frisco facility in our Wylie facility, which is located just thirty miles away from PC Dynamics. "In fact we have already begun duplicating processes and should have all of the new lines up and running in Wylie within the next eight weeks. This time frame will provide our current customers ample opportunity to certify the Wylie facility while the Frisco facility continues to operate utilizing its existing manufacturing capabilities. The final completion date for the consolidation, including the transfer of the Frisco facility assets, will ultimately be determined by our customers requirements."
Nolan continued, "By combining these operations and manufacturing capabilities, we'll have created a solid foundation upon which to build the pre-eminent metal-back and high frequency printed circuit fabrication facility in the United States."