Data I/O Agrees To Acquire V-TEK For ~$23M In Cash And Stock

Data I/O Corporation (NASDAQ:DAIO) (the "Company"), the leading global provider of data programming and security provisioning solutions for microcontrollers, security ICs and memory devices, today announced it has signed a definitive agreement to acquire V-TEK, Inc. ("V-TEK"), a leading manufacturer of semiconductor handling and packaging solutions based in Mankato, MN, and A&J Programming, Inc ("A&J Programming"), a device programming service provider in San Jose, CA.

Total purchase price is approximately $23 million, paid in a combination of cash and Company common stock. The share consideration is equal to approximately $3 million in Data I/O common stock, or approximately 1.12 million shares of Company common stock.

The acquisition is expected to close this week and is subject to customary closing conditions.

The Company intends to use its common stock, cash on hand and the proceeds of the recently announced proposed $13.25 million securities offering toward the satisfaction of the acquisition purchase price.