WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin® Corporation (NADSAQ:KOPN), a leading developer of innovative augmented reality and virtual reality wearable computing technologies and solutions, today announced that it has finalized the sale of its Korean assembly facility and land for 9.5 billion Won or approximately 8.1 million US dollars as of the close of the transaction on June 10, 2016. Kopin had previously disclosed that it planned to divest the facility in Gyeonggi-do Korea after the facility, which supported the packaging of displays for camcorder and digital still camera products, ceased operations in 2013.
“This sale further strengthens our financial position ($90.9 million in cash, cash equivalents and marketable securities and no debt as of March 26, 2016) while reducing some remaining operating expenses at the facility,” said Dr. John C.C. Fan, President and CEO of Kopin. “Our strong capital base is key to executing upon our strategy in wearables as we move from development to partnerships and sales. For example, we recently began marketing to avid cyclists our augmented reality Solos™ eyewear which includes our patented Pupil™ optics.”
The 9.5 billion Won sale price (approximately $8.1 million as of June 10, 2016) is before any taxes and fees. The Company noted that approximately 10% of the purchase price, or 945 million Won ($828,000 US Dollars), was included in cash, cash equivalents and marketable securities in the balance sheet included in the Form 10-Q for the three months ended March 26, 2016.
About Kopin
Kopin Corporation is a leading developer and provider of innovative wearable technologies and solutions for integration into head-worn computing and display systems to military, industrial and consumer customers. Kopin’s technology portfolio includes ultra-small displays, optics, speech enhancement technology, system and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. Kopin’s proprietary components and technology are protected by more than 300 global patents and patents pending. For more information, please visit Kopin’s website atwww.kopin.com.
