Spirox resolved to propose termination of exclusive distributor agreement with Xcerra Corporation
Press release [Monday 13 February 2017]
Spirox (TWSE:3055), the sole and exclusive distributor of Xcerra Corporation (NASDAQ: XCRA) in China, Hong Kong and Taiwan, recently received an email message from Xcerra advising that Xcerra intends to limit the exclusive distribution territory ("Territory") to only Taiwan. Given that both parties' original intentions for cooperation has changed and the mode of business recognized by both parties has differed, to maintain the interests of the company, our shareholders and employees, Spirox has resolved to terminate the distributor agreement with Xcerra. Pursuant to the distributor agreement, the party intending to terminate the agreement has to give the other party at least 365 days prior written notice (such period the "Notice Period"). During such Notice Period, Spirox will continue to discuss its future cooperation relationship with Xcerra and will also develop other product lines, new businesses and other cooperation modes and plans seeking to maximize the interests of investors in and employees of Spirox.
According to the distributor agreement with Xcerra, during the Notice Period, both parties will continue to act in good faith in performing all of their obligations under such agreement, and Xcerra shall not make any changes to the exclusive territory without Spirox's consent. Spirox will assert our relevant rights with Xcerra pursuant to the foregoing. At the same time, Spirox will continue discussions with Xcerra and does not rule out other modes of possible cooperation going forward to ensure that the interests of our customers and shareholders are not affected.
For the last 30 years, Spirox has significantly contributed to the Greater China semiconductor test market. Our comprehensive and professional team providing satisfactory services is close to and trusted by customers. The core capabilities developed over the many years are our foundations to continue to support future customer services. Meanwhile, Spirox is financially sound and will continue to seek new customers and new products and to adjust our operational structure. Spirox believes this turning point will be a good start for us to welcome the new market and embrace the future development.
Spirox was established in 1987 with its headquarter in Hsinchu, Taiwan. Spirox delivers integrated and best-practice solutions to our customers in the major industries of Semiconductor, Flat Panel Display, Micro electromechanical Systems and other high-tech products. Spirox provides leading edge solutions and products from IC Design Characterization Products & Services, Semiconductor Test & Assembly Solutions, and Test & Measurement Instrumentation products. Global offices of Spirox are located in Taiwan, USA, China and Hong Kong. Spirox website: http://www.spirox.com/