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2014

Measurement Specialties Announces Sale of Terraillon Holdings Limited

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    FAIRFIELD, N.J., Sept. 25 /PRNewswire-FirstCall/ --
 Measurement Specialties (Amex:   MSS) today announced the sale of Terraillon
 Holdings Limited (Terraillon), a wholly owned subsidiary of MSS, to Fukuda
 (Luxembourg) S.a.r.l., an investment holding company incorporated in
 Luxembourg, for $22.3 million in cash plus the assumption of $4.8 million in
 debt.  SSG Capital Advisors acted as financial advisor to MSS.  MSS will use
 the net closing proceeds ($16.7 million after fees and escrowed proceeds) to
 reduce senior debt as required under the previously executed Forbearance
 Agreement.
     "Terraillon is a great brand and great asset," commented Frank Guidone,
 CEO.  "We received strong response to the proposed sale and are pleased with
 the outcome.  As previously disclosed, selling Terraillon is a critical step
 in our restructuring plan announced several months ago.  The proceeds from the
 sale will allow us to significantly reduce our senior debt and eliminate the
 overadvance, and will facilitate a refinancing of the secured lenders.  While
 the operational and financial restructuring initiatives were important to
 execute the turnaround, we continue to work diligently to complete the audit
 of our financial statements and become current with our SEC filings.  We
 recognize our responsibility to shareholders and the investment community, and
 anticipate filing our FY02 Form 10-K (including restated FY01 financial
 statements) and FY03 Form 10-Q prior to the AMEX de-listing appeals hearing,
 which is currently scheduled for October 22."
 
     Measurement Specialties is a designer and manufacturer of sensors, and
 sensor-based consumer products.  Measurement Specialties produces a wide
 variety of sensors that use advanced technologies to measure precise ranges of
 physical characteristics, including pressure, motion, force, displacement,
 angle, flow, and distance.  Measurement Specialties uses multiple advanced
 technologies, including piezoresistive, application specific integrated
 circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and
 strain gages to allow their sensors to operate precisely and cost effectively.
 
      This release includes forward-looking statements within the meaning of
 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities and Exchange Act of 1934, as amended, including but not limited to,
 statements regarding our ability to effect a refinancing of our debt and the
 anticipated timing of the filing of our Form 10-K and Form 10-Q.  Forward
 looking statements may be identified by such words or phases as "intends,"
 "are expected to," "will continue," "anticipate," "estimated," "projected,"
 "may," "resume trading on the AMEX," "future prospects," "continue to make
 solid progress," "return the Company to profitability" or similar expressions.
 The forward-looking statements above involve a number of risks and
 uncertainties.  Factors that might cause actual results to differ include, but
 are not limited to, success of any reorganization; consummation of any
 contemplated sale of assets; ability to raise additional funds; the outcome of
 the class action lawsuits filed against the Company; the outcome of the
 current SEC investigation of the Company; conditions in the general economy
 and in the markets served by the Company; competitive factors, such as price
 pressures and the potential emergence of rival technologies; interruptions of
 suppliers' operations affecting availability of component materials at
 reasonable prices; timely development and market acceptance, and warranty
 performance of new products; success in integrating prior acquisitions;
 changes in product mix, costs and yields, fluctuations in foreign currency
 exchange rates; uncertainties related to doing business in Hong Kong and
 China; and the risk factors listed from time to time in the Company's SEC
 reports.  The Company is involved in an announced active disposition program.
 Forward-looking statements do not include the impact of acquisitions or
 dispositions of assets, which could affect results in the near term.  Actual
 results may differ materially.  The Company assumes no obligation to update
 the information in this issue.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X36547025
 
 

SOURCE Measurement Specialties

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