Mancal Increases Equity Stake in Micralyne
Edmonton, Alberta, January 21, 2003 - Micralyne Inc. today announced that Mancal Corporation Ltd. has increased its equity stake in Micralyne, a privately-held and profitable MEMS development and manufacturing company.
Mancal has been a shareholder of Micralyne since its inception as a private company in 1998 and this transaction increases its minority stake in the company. Mr. Fred Mannix will remain as a director of Micralyne and represent the interests of Mancal.
"We are pleased to have Mancal's ongoing commitment to Micralyne," commented Mr. Chris Lumb, President and CEO of Micralyne. "Mancal has a successful investment track record and this demonstrates their confidence in our long-term business strategy."
"Micralyne has demonstrated its ability to grow its revenues and remain profitable in each of the last five years, and we believe that Micralyne will continue to solidify its leadership position in the MEMS industry," said Mr. Robert Young, President and CEO of Mancal.
"Micralyne's objective is to be one of the world's leading MEMS companies," said Lumb. "We already have a very well-established customer base and reputation, and we will continue to grow our revenues and profits while also enhancing our MEMS product offering and manufacturing capabilities. Mancal's continued involvement will only increase our ability to succeed."
About Mancal
Mancal is a privately owned and Calgary-based company with a net asset value of over $800 million. Its roots stem from the Loram Group of Companies which were established over a century ago. On Loram's 1997 disposition of Manalta Coal and Pembina Corporation, the Mancal Group continued the operating companies of Loram in undeveloped coal (now Mancal Coal), venture capital (Manvest) and real estate (now Mancal Properties). In 1998 Mancal re-entered the oil and gas exploration and production businesses with Mancal Energy Inc. Investments in private capital, ranching, and investment trading were also brought under the Mancal aegis in 1997.
About Micralyne
Micralyne develops and manufactures microfabricated and MEMS (Micro-Electro-Mechanical-Systems)-based products. Micralyne is one of the largest independent companies in the world that manufactures MEMS in high volumes. MEMS technology is built on the premise of making industrial components smaller, faster and less expensive and facilitates radical improvements in the miniaturization of electronic and mechanical devices. These types of devices are used in many industries including communications, automotive, aerospace, and life sciences. More specifically, Micralyne’s micron-scale solutions (i.e. 1000 microns = 1 millimetre) are found in automotive emission sensors, optical switching technology in telecommunication networks, lab-on-a-chip devices for drug discovery, and commercial press equipment for printing today’s most popular magazines. Micralyne is a profitable and growing company headquartered in Edmonton, Alberta, Canada.
For further information contact:
Mr. Chris Lumb
President & CEO
Micralyne Inc.
1911 - 94 Street
Edmonton, Alberta
Canada T6N 1E6
Phone: 780-431-4400
clumb@micralyne.com
