| By PR Newswire |
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| July 28, 2006 01:48 PM EDT |
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WYLIE, Texas, July 28 /PRNewswire-FirstCall/ -- Integrated Performance Systems, Inc. (BULLETIN BOARD: IPFS) , a leading Electronic Manufacturer Services (EMS) company which designs, engineers and manufactures technologically advanced printed circuit boards, announced today the filing of a preliminary proxy statement. The Company is seeking approval for a reverse stock split in the ratio of 1 for 25, a corporate domicile change from New York to Delaware and a corporate name change to Global Innovation Corp. Currently the Company anticipates the shareholders meeting will be held on August 31, 2006 at the Company's principal offices.
"We are seeking the reverse split because we believe there is a benefit to our shareholders to have a capital structure in place that is appropriate for a company of our size," said Brad J. Peters, CFO of Integrated. "We see the reverse stock split as an important step in positioning the company for growth over the next 12 months. The reverse stock split may also have the benefit of increasing the marketability of our shares to new investors and by also allowing larger institutional investors to invest in the Company. The domicile change and name change further support our commitment to position the Company in such a way as to maximize shareholder value and accurately reflect the strengths of the Company."
A special meeting of Integrated's shareholders is scheduled for August 31, 2006 to consider the proposed reverse stock split, domicile change and name change. The date for determining shareholders of record entitled to vote at the special meeting is July 31, 2006. If approved, the changes will become effective as soon as practicable after the date of the special meeting.
About Integrated Performance Systems, Inc.
Integrated Performance Systems, Inc. is a leading Electronic Manufacturer Services (EMS) company through its wholly owned subsidiary Best Circuit Boards, Inc., designs, engineers and manufactures technologically advanced printed circuit boards. Our customers are generally high-end commercial companies, the military and military suppliers. The commercial markets are typically characterized by time-sensitive, high technology prototypes and short product life cycles. The military markets require special certifications and are characterized by high reliability and advanced technology and in many cases are formalized by long-term contracts. Our principal products are complex multi-layer printed circuit boards, including antenna and metalback radio frequency circuit boards. Printed circuit boards serve as the basis and foundation for electronic equipment. The circuit boards we produce are sold through direct sales people and manufacturer's representatives to a variety of commercial and military markets. The commercial markets and their applications include power systems, telecommunications, computer hardware, consumer electronics, instrumentation and controls. The military applications for our products include satellite communications, avionics, missiles, smart bombs, defense systems, radar detection and test equipment.
For More Information, Contact:
Brad J. Peters, Vice President and Chief Financial Officer
1-800-303-9266
Visit the Company's website at http://www.lonestarcircuits.com/
Jim Drewitz, Investor Relations
Creative Options Communications
972-355-6070 / jdrewitz@comcast.net
Certain statements contained herein with respect to factors which may affect future earnings, including management's beliefs and assumptions based on information currently available, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements that are not historical facts involve risks and uncertainties, and results could vary materially from the descriptions contained herein. For more details on risk factors, see the company's annual reports on Form 10-KSB, quarterly reports on Form 10-QSB and other filings with the Securities and Exchange Commission.
Integrated Performance Systems, Inc.
CONTACT: Brad J. Peters, Vice President and Chief Financial Officer of
Integrated Performance Systems, Inc., +1-800-303-9266; or Jim Drewitz,
Investor Relations of Creative Options Communications, +1-972-355-6070, or
jdrewitz@comcast.net , for Integrated Performance Systems, Inc.
Web site: http://www.lonestarcircuits.com/
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