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Groupe Arnaud Electronics

Shellcase Ltd. announces private placement agreement

ShellCase Ltd. today announced it has closed a private placement with two high-technology organizations based in Israel, providing working capital to increase ShellCase's manufacturing capacity and help the company meet growing demand for its proprietary wafer-level Chip Size Pakcaging (CSP) technology.

Under the terms of the private placement agreement, Clal Electronic industries Ltd., and Israel Infinity Venture Capital Fund, both leading investment organizations, and Ampal, a current shareholder, will subscribe for preferred shares of ShellCase, in consideration of about $4.3M (US), based on a company pre-money valuation of $10M (US).

In addition, the new investors will acquire a controlling interest in ShellCase from Toyo Ink Manufacturing Co. Ltd., the previous major shareholder.

Shlomo Oren, President and Chief Executive Officer, ShellCase Ltd., said the company will use the net proceeds of the placement to increase production capacity at its IC packaging facilities in Jerusalem. "From a strategic stand point, this infusion of capital is most timely," said Oren. "Based on our recent contract wins, ongoing licensing discussions with chip manufacturers and the high level of market recognition our new optical products have received, we are preparing to meet very strong demand in the coming year."

ShellCase Ltd. develops and manufactures innovative packages for integrated circuits. ShellCase also supplies and licenses advanced chip-scale packaging (CSP) technologies to IC manufacturers worldwide. Founded in 1993, ShellCase is a pioneer in CSP technology and one of the few firms in the industry to offer complete, reliability-tested wafer-level CSP capability.

For more information please contact Kobi Spector at 972-2-6798890 or e-mail to marketad@shellcase.com

8 December 1999


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