inTEST Invests in New Facilities to Enhance Innovation, Expand Customer Relationships and Streamline Operations

Rhea-AI Summary

inTEST Corporation has upgraded its engineering and sales operations for its backend semiconductor business by opening a new office in Fremont, CA. This relocation aims to streamline operations and lower costs, consolidating previously separate resources. Additionally, the company has moved its digital streaming and image capturing solutions to the High Tech Campus in Eindhoven, Netherlands, enhancing operational efficiencies and collaboration with technology firms. These strategic changes aim to strengthen market presence and drive growth through enhanced product development.

Positive

• Opened new office in Fremont, CA, to streamline backend semiconductor operations.
• Relocated digital streaming and image capturing business to High Tech Campus in Eindhoven for better efficiencies.
• Strategic move expected to enhance visibility with international technology firms.

Negative

• None.

Upgrades engineering and sales operation for backend semi business

Moves image capturing technology into high tech campus in Eindhoven, The Netherlands

MT. LAUREL, N.J.--(BUSINESS WIRE)-- inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets, including automotive, defense/aerospace, industrial, life sciences, security, and semiconductor, today announced it has opened a new office in Fremont, CA to better serve customers through streamlined operations and lower operating costs for its backend semi business.

“During 2021, we consolidated manufacturing for our backend semi technologies into our Mt. Laurel, New Jersey facility to improve operating costs and centralize operations.  However, we had key engineering and sales talent in our California location who are critical to our growth.  To support their capabilities to maintain the high-level of service our customers have come to know, we relocated this team into an upgraded office environment near our previous manufacturing facility.  We are committed to the team as they foster new product development, demonstrate prototype products to local customers, build new client relationships, and access key suppliers,” commented Nick Grant, inTEST President & CEO.

“We have also upgraded the facilities for our recently acquired digital streaming and image capturing solutions business in the Netherlands and have relocated our design, sales and manufacturing facility to the High Tech Campus in Eindhoven.  We expect this move to provide better efficiencies, enable greater visibility with international pioneering technology firms to drive our presence in the industrial imaging market, and allow us to capitalize on the advancements being made in artificial intelligence,” added Grant.

High Tech Campus is the technical innovation epicenter of The Netherlands and home of the AI Innovation Center where technology companies, platform and service providers, and research and educational institutes come together to collaborate and create.

About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets, including automotive, defense/aerospace, industrial, life sciences, security, and semiconductor.  Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended.  These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of our plans, strategies and intentions, or our future performance or goals, that are based upon management's current expectations.  Our forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” “anticipates, “targets”, “estimates” or similar terminology.  These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well our ability to realize the potential benefits of acquisitions and to successfully integrate their operations with our own; our ability to grow our presence in the life sciences, security, industrial and international markets; the success of our strategy to diversify our business by entering markets outside the Semi Market; the impact of the COVID-19 pandemic on our business, liquidity, financial condition and results of operations; indications of a change in the market cycles in the Semi Market or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors; our ability to borrow funds or raise capital to finance potential acquisitions; changes in the rates and timing of capital expenditures by our customers; and other risk factors set forth from time to time in our Securities and Exchange Commission filings, including, but not limited to, our annual report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks to circumstances only as of the date on which it is made.  We undertake no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005205/en/

inTEST Corporation

Duncan Gilmour

Chief Financial Officer, Treasurer and Secretary

Tel: (856) 505-8999

Investors:

Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com

Tel: (716) 843-3908

Source: inTEST Corporation

FAQ

What recent upgrades has inTEST Corporation made for its backend semiconductor business?

inTEST Corporation has opened a new office in Fremont, CA, to streamline operations and lower costs for its backend semiconductor business.

Where has inTEST Corporation relocated its digital streaming and image capturing technology?

The digital streaming and image capturing technology has been relocated to the High Tech Campus in Eindhoven, Netherlands.

What are the expected benefits of inTEST's recent moves to Fremont and Eindhoven?

These moves aim to enhance operational efficiencies, reduce costs, and strengthen relationships with international technology firms.

How does inTEST Corporation plan to enhance product development after the relocations?

The company aims to support engineering talent and foster new product development through improved facilities and streamlined operations.