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Kopin Receives Final $15 Million Payment for Sale of III-V Product Line

01/19/2016

WESTBOROUGH, Mass. --(BUSINESS WIRE)-- Kopin Corporation (NASDAQ:KOPN) today announced that the Company has received $15 million from IQE PLC , a leading UK -based designer and supplier of advanced semiconductor wafers, as the final payment from the sale of its III-V Product line. Under the terms of the sale, which was completed in January, 2013, Kopin sold its advanced integrated circuit business for a total consideration of approximately $70 million in cash, with the final payment received today.

Kopin has utilized the proceeds from the sale to invest in the development of wearables components, and today is a leader in providing components to the leading enterprise and consumer developers of head mounted displays, along with the military. At the recent CES show Kopin demonstrated its smart eyewear for elite cyclists called Solos; launched Whisper Voice Chip, its voice extraction technology; announced the world’s smallest glass display called the Pupil; and was featured in 13 different companies that demonstrated products at the Show.

As of September 26, 2015 , and before inclusion of the $15 million payment, Kopin had approximately $87 million of cash and marketable securities, and no debt.

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 at www.kopin.com .

Source: Kopin Corporation