BLS Block Shield

 

TIDMBLS 
 
RNS Number : 1959N 
Block Shield Corporation PLC 
12 February 2009 
 

Block Shield Corporation plc 
('Block Shield' or 'the Group') 
 
 
Sale of business assets of EMC products division 
 
 
Block Shield announces that it has completed the sale of the business assets of 
its electromagnetic compatibility ('EMC') products division in Sugar Grove, 
Illinois USA, to Deep Coat LLC ("Deep Coat") which is owned by a former employee 
of the EMC products division. The EMC products division has a range of shielding 
solutions and metallization services for customers to deal with Electromagnetic 
Interference, Radio Frequency Interference and Electrostatic Discharge. 
 
 
The Board believes that the sale of the EMC products division is in the best 
interest of the Company's shareholders as the division was not able to reach 
breakeven on a fully allocated cost basis. The disposal is in line with the 
Group's intentions, following completion of a strategic review as announced on 
26 November 2008, to either dispose of or close, the EMC products division in 
order to focus on the more promising near-term RFID product portfolio. 
 
 
Deep Coat will assume all assets and liabilities of the EMC products division, 
including a building lease obligation of US $0.4 million, and will undertake the 
completion of the current purchase orders. No consideration will be received by 
Block Shield. 
 
 
The EMC products division achieved a negative total gross margin of about 
US$ (0.1) million in the 10 months ended 31 December 2008 on revenue of US $1.6 
million (unaudited). The division had gross assets of US $2.3 million 
(unaudited) as at 31 December 2008 and its net assets were about US$ 0.1 million 
(unaudited) at the same date after impairment of intangibles and write downs. 
The Group will likely realize a loss on the disposal of US $1.4 million in the 
financial year to 28 February 2009. 
 
 
 
 
Enquiries: 
 
 
+-----------------------------+------------------+--------------------------------------+ 
| Block Shield Corporation    |                  |                                      | 
| Plc                         |                  |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
| Edwin Oh, Chief Executive   | +1 408 830 5100  |                                      | 
| Officer                     |                  |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
| Catherine H van Zuylen      | +1 408 702 1800  | catherine.van.zuylen@blockshield.com | 
+-----------------------------+------------------+--------------------------------------+ 
|                             |                  |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
| Ambrian Partners Limited    | +44 20 7634 4712 |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
| Nominated Adviser           |                  |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
| Samantha Harrison           |                  |                                      | 
+-----------------------------+------------------+--------------------------------------+ 
 
 
 
 
-END- 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DISDDGDDCSBGGCB 
 

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