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QMRK: REVISED RATE; Cash merger; QMRK is being acquired by ESPEC Corp.; for every 1 share of QMRK shareholders will receive $1.016349 in cash
FINRA deleted symbol.
http://otce.finra.org/DLDeletions
This could be a surprise turnaround story in the making.
Qualmark Debuts New HALT/HASS Table Technology
May 26, 2010
Qualmark Corporation, the world’s largest provider of HALT/HASS (Highly Accelerated Life Test/Highly Accelerated Stress Screen) products and services, has officially launched its latest innovation in HALT/HASS technology, the xLF2 table. The new technology started shipping with Qualmark's top rated Typhoon series to select customers late last year. The excellent performance reports confirmed Qualmark's decision to move forward with system wide deployment of the xLF2. Extensive R&D led to this design which introduces PSD (Power Spectral Density) table management capabilities to the HALT/HASS marketplace. Maintainable PSD performance provides a powerful asset for maintaining HALT/HASS program consistency.
"The xLF2 release represents another technology milestone for the Accelerated Stress Test (AST) industry with the introduction of PSD management for Qualmark customers", points out Andy Drenick, Qualmark President and CEO. "PSD management is an industry first, enabling consistent and reliable Random Shock vibration performance for Original Equipment Manufacturers' (OEM) HALT program in geographically disparate HASA supply chains."
"Upgrades from xLF to xLF2 completed or in process total over 100 systems worldwide, demonstrating the rapid acceptance of this new technology," points out Ross Atwood, Qualmark's Director of Service. "Feedback has been uniformly positive, particularly the ability to reach higher g’s with less throttle and PSD reliability. Test Engineers have expressed their attraction to the new table and are planning to use higher g’s in their profiles.”
The xLF2 more fully leverages the Typhoon’s advanced control system, executing a more precise response to Typhoon Manager’s vibration and thermal commands. The 14-bit PLC (Programmable Logic Controller) improves granular control fivefold enabling the Typhoon system to maintain ±1°C during soaks and virtually eliminating overshoots.
New capabilities are enabled with the 14-bit controller platform including 3 levels of security (User, Technician, and Administrator), output boost settings, vibration throttle limits, and more. For HALT/HASS systems operating with older controllers, or where test plans call for heavy system use, Qualmark recommends an upgrade to the new xLF2 to enhance performance.
Form 8-K for QUALMARK CORP
--------------------------------------------------------------------------------
21-Dec-2007
Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities,
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
(a)(1) On December 21, 2007, QualMark Corporation (the "Company") entered into a Stock and Warrant Purchase Agreement ("Purchase Agreement") with The Roser Partnership III, SBIC, LP (the "Roser Partnership") and Christopher Roser (the "Purchasers"). The Roser Partnership is the largest shareholder in the Company. Christopher Roser is a member of the Company's board of directors, as is his father, James Roser, both of whom are affiliates of The Roser Partnership.
(a)(2) The terms of the Purchase Agreement authorize the sale and issuance of 781,250 shares of the Company's common stock (the "Stock") and warrants to purchase up to 781,250 shares of the Company's common stock (the "Warrants"). The aggregate purchase price for the Stock and Warrants was $600,000. The Warrants are exercisable at any time on or before December 20, 2012. One half of the shares authorized to be purchased pursuant to the Warrants are exercisable at $1.152 per share and the other half are exercisable at $1.536 per share.
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
(a) On December 21, 2007, the Company sold 781,250 shares of its common stock and warrants to purchase up to 781,250 shares of common stock for an aggregate purchase price of $600,000 pursuant to an exemption from registration under
Section 4(6) of the Securities Act of 1933. No underwriting commission or discounts were provided. The terms of the Purchase Agreement provide for unlimited registration rights for the Purchasers. The Warrants are exercisable at any time on or before December 20, 2012. One half of the shares authorized to be purchased pursuant to the Warrants are exercisable at $1.152 per share and the other half are exercisable at $1.536 per share.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
(d)(1) As of December 21, 2007, Andrew Drenick, the Company's President and Chief Executive Officer, was appointed to the Company's board of directors to fill one of two vacancies created by the resignations of William Sanko and Charles Johnston. Mr. Drenick will serve until the next annual meeting of the Company at which directors are elected. Also, as of this date, Christopher Roser was elected as Chairman of the board of directors.
(d)(2)Pursuant to the terms of the Purchase Agreement, as of December 21, 2007, the board of directors was required to elect the Chief Executive Officer of the Company to the board of directors. Accordingly, Mr. Drenick, who became the Company's Chief Executive Officer on December 10, 2007, was appointed to the board. The terms of the Purchase Agreement also required that Christopher Roser be elected as Chairman of the Board.
(d)(3) It is expected that Mr. Drenick will serve on the Compensation Committee, the Corporate Governance Committee, and the Nominating Committee.
(d)(4) See Item 1.01 above ITEM 8.01 OTHER EVENTS Prior to the transaction reported in Item 1.01 above, the Roser Partnership and its affiliates owned 46% of the Company's voting common stock. After the closing of the Purchase Agreement, the Roser Partnership and its affiliates beneficially owned 50.38% of the Company's voting common stock. At the request of the Company's board of directors, the Roser Partnership and its affiliates agreed to give an irrevocable proxy to an independent third party for the number of shares by which their ownership interest exceeds 49.9%. This proxy will remain in effect until the number of shares covered by the proxy is reduced to zero or the second anniversary date of the closing of the Purchase Agreement, or December 21, 2009. Although the proxy states that it is irrevocable it is not coupled with an interest. Therefore, under Section 7-107-203 of the Colorado Revised Statutes, the irrevocable nature of this proxy may not be enforceable.
QMRK: $600,000 Capital raise. If my math is right, it comes to $0.768/share.
Qualmark Corporation Strengthens Balance Sheet Through Capital Raise
Friday December 21, 3:48 pm ET
DENVER, CO--(MARKET WIRE)--Dec 21, 2007 -- Qualmark Corporation (OTC BB:QMRK.OB - News), a world leader in designing, manufacturing and marketing HALT (Highly Accelerated Life Testing), HASS (Highly Accelerated Stress Screening) and electrodynamic systems, announced today that the Company has raised $600,000 in new capital, in a private placement of 781,250 shares of common stock and warrants. The offering was placed with The Roser Partnership III, SBIC, LP and affiliates.
"We are pleased with the confidence shown by The Roser Partnership's continued investment in Qualmark," stated Andy Drenick, the Company's President and CEO. "We continue to see significant opportunities throughout the marketplace. This funding should provide us with the additional capability to further expand our sales and marketing efforts."
Commenting on the investment, Christopher Roser, Manager of the General Partner of The Roser Partnership III, SBIC LP said, "We believe Qualmark's HALT, HASS and electrodynamic systems are second to none and want to support the Company in the execution of their business plan. We welcome Andy Drenick to the Company and regard this investment into the Company as added support for Andy's plans to expand and grow Qualmark."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Qualmark Corporation, headquartered in Denver, Colorado is the leader in designing, marketing, and manufacturing accelerated life-testing systems (HALT and HASS) providing the world's largest corporations with solutions that improve product reliability and allow them to get to market faster. The Company has installed more than 600 of its proprietary testing systems in 30 countries. The Company operates and partners with ten testing facilities worldwide.
The Company also offers electrodynamic vibration solutions through its subsidiary, Ling Electronics.
Ling Electronics, headquartered in West Haven, Connecticut is the leader in supplying electrodynamic systems, components, and service to the worldwide vibration test equipment market.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings; downturns in the Company's primary markets; variability of order flow, future economic conditions; competitive products and pricing; new product development; disruptions in the Company's operations from acts of God or extended maintenance; transportation difficulties; or the delivery of product under existing contracts and other factors.
Qualmark Announces Appointment of Vice President of Sales and Marketing
Thursday October 18, 2:08 pm ET
DENVER, CO--(MARKET WIRE)--Oct 18, 2007 -- Qualmark Corporation (OTC BB:QMRK.OB - News), a world leader in designing, manufacturing and marketing HALT (Highly Accelerated Life Testing), HASS (Highly Accelerated Stress Screening) and electro-dynamic systems, today announced the appointment of Gary Larson as its Vice President of Sales and Marketing.
Mr. Larson has over 29 years of senior executive experience in business development and sales and marketing. Mr. Larson assumes his new post after holding several senior sales and marketing positions in the technology and electronics industry. He was most recently with Jing Mei Industrial, a Hong Kong-based company specializing in injection molded plastics, electroplating and thin-film coatings. He has also worked for Vapor Technologies, Philips Electronics and Iomega Corporation.
Charles Johnston, CEO and President, stated, "We are very pleased with Mr. Larson's decision to join Qualmark as we continue to penetrate new markets. To fill this role, we were looking for a candidate with a combination of attributes, including great technical depth, a solid track record of sales and marketing in the technology field with a strong base of personal contacts and industry knowledge. Gary is a remarkable fit for us, possessing the assets, skills and talents we were searching for. He will be a great resource for both Qualmark and for our partners alike."
Qualmark Corporation, headquartered in Denver, Colorado, is the leader in designing, marketing, and manufacturing accelerated life-testing systems (HALT and HASS) providing the world's largest corporations with solutions that improve product reliability and allow them to get to market faster. The Company has installed more than 600 of its proprietary testing systems in 30 countries. The Company operates and partners with ten testing facilities worldwide.
The Company also offers electrodynamic vibration solutions through its subsidiary, Ling Electronics.
Ling Electronics, headquartered in West Haven, Connecticut, is the leader in supplying electro-dynamic systems, components, and service to the worldwide vibration test equipment market.
Qualmark Expands Into India With First Order
Thursday May 17, 8:02 am ET
DENVER--(BUSINESS WIRE)--Qualmark Corporation (OTCBB:QMRK - News) a world leader in designing, manufacturing and marketing HALT (Highly Accelerated Life Testing), HASS (Highly Accelerated Stress Screening) and electrodynamic systems (Ling Electronics), today announced that the Company has received a purchase order for a Typhoon Chamber from a large independent R&D service provider in Bangalore, India. Additionally, the chamber will be displayed at the company's open Research & Development test lab to showcase Qualmark's equipment in India.
The Typhoon chamber will be used to test computer related components. This purchase order represents the first HALT/HASS sale in India and was a result of a recent business trip by Charles Johnston, CEO and President and Jeffrey Hale, VP of Sales. Furthermore, this HALT/HASS system is not only the first order for Qualmark in India, it represents the first of its kind in within the Country. Revenues from electronics manufacturing in India are estimated to grow from about $10.4 billion in 2006 to $22.3 billion in 2010, according to market researcher iSuppli.
Charles Johnston, CEO and President, stated, "Qualmark is very pleased to enter India with our first order. Prospective customers in this region include computer, cellular, broadband, among other manufacturers serving various industries. We have developed the infrastructure to attain sales with the hiring of a new business development employee, as well as a service and support program that will compliment our business model within the region. Most analysts and electronics industry executives believe the electronics industry will grow in India and be driven by manufacturing by OEMs and EMS providers, this said, we believe our early presence in India will enable us to serve our current customer base as well as penetrate new market segments."
Qualmark Corporation, headquartered in Denver, Colorado is the leader in designing, marketing, and manufacturing accelerated life-testing systems (HALT and HASS) providing the world's largest corporations with solutions that improve product reliability and allow them to get to market faster. The Company has installed more than 600 of its proprietary testing systems in 35 countries. The Company operates and partners with ten testing facilities worldwide.
The Company also offers electrodynamic vibration solutions through its subsidiary, Ling Electronics.
Ling Electronics, headquartered in West Haven, Connecticut is the leader in supplying electro-dynamic systems, components, and service to the worldwide vibration test equipment market.
Qualmark Corporation Reports Fourth Quarter and Fiscal Year 2006 Financial Results
Wednesday February 28, 7:50 am ET
DENVER--(BUSINESS WIRE)--Qualmark Corporation (OTCBB: QMRK - News) a world leader in designing, manufacturing and marketing HALT (Highly Accelerated Life Testing), HASS (Highly Accelerated Stress Screening) and electrodynamic systems, today reported operating results for the fourth quarter and year ended December 31, 2006.
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For the year (twelve months ended December 31, 2006):
Revenue-
The Company reported total revenue for the year of $16,427,000 versus total revenue of $14,845,000 from 2005. Charles Johnston, Qualmark's President & CEO, stated, "Qualmark achieved record revenue in 2006 that was well balanced across our geographies, product services, customer and new business segments. Our Electrodynamic business unit (Ling Electronics) experienced 37% revenue growth for the year. The consolidated results illustrate the value of our products and the leverage in our business model. The strength of our products was demonstrated as we expanded our business in several markets, including: the international automotive markets (specifically the key Japanese and European auto makers), consumer electronics, power supplies, aerospace, communications, wireless and flat panel displays. We continue to gain market share with new customers, especially in the consumer product manufacturing and government sectors and we expanded into 35 countries."
Income-
The Company reported net income of $1,151,000, which included an additional $114,000 expense related to the fair value of stock options and a deferred tax benefit of $135,000, versus net income of $2,088,000, which included a deferred tax benefit of $780,000, for 2005. Throughout 2006, the Company recorded non-cash expenses related to the fair value of stock options for the first time. These changes from 2005 reflect the Company's adoption of SFAS 123R in 2006. "Through the focused expansion in our sales, marketing and customer support infrastructure, we continue to ensure that our customers meet the critical and growing challenges they face. We believe our worldwide investments in the Electrodynamic business unit (Ling Electronics,) which experienced a 37% growth rate, will provide long term shareholder value," concluded Mr. Johnston.
Earnings per share-
The Company reported diluted income per share for the year of $0.11, which included an additional $114,000 expense related to the fair value of stock options and a deferred tax benefit of $135,000, as compared to diluted income per share of $0.25, which included a deferred tax benefit of $780,000, for 2005. The Company does not anticipate any additional dilution at this time. However, the Company may enter into financial transactions to assist with financing additional acquisitions or provide capital for future growth, which may further impact dilution.
Balance sheet-
During 2006, the Company executed initiatives to continue to strengthen its balance sheet.
Throughout 2006, the Company has increased its cash position through close management of its working capital.
During the third quarter of 2006, the primary holder of the Company's preferred stock elected to convert all of the outstanding preferred shares into common shares. This conversion resulted in a more transparent equity structure and eliminated the continuous preferred stock dilution, dividend cost and debt overhang. This also elevates the Company's stockholders' equity to a level that meets the listing requirements of a major stock exchange.
On February 20, 2007, the Company entered into a three-year; interest only, convertible subordinated debt agreement totaling $500,000. The subordinated debt agreement was used to pay down a portion of the outstanding commercial bank debt, which will allow the Company to refinance its commercial bank debt and significantly lower its monthly cash payments and increase revolving line of credit flexibility.
For the quarter (three months ended December 31, 2006):
Revenue-
The Company reported total revenue for the three months ended December 31, 2006 of $4,302,000 versus total revenue of $3,909,000 from the comparable period in 2005.
Income-
For the three months ended December 31, 2006, the Company reported net income of $451,000, which included a deferred tax benefit of $113,000, versus net income of $1,104,000, which included a deferred tax benefit of $780,000, for the comparable period in 2005.
Earnings per share-
For the three months ended December 31, 2006, the Company reported diluted income per share of $0.05, as compared to diluted income per share of $0.12 for the three months ended 2005.
A Conference call to further discuss 2006 results will be held today, February 28 at 11:00 a.m. Eastern Time. To participate via conference call dial 888-318-6430 no later than 10:50 a.m. EST. The security code to access this earnings call is QUALMARK.
Quarter Ended Year Ended
December 31 December 31
2006 2005 2006 2005
-----------------------------------------------------
HALT/HASS
segment revenue $3,481,000 $3,354,000 $13,366,000 $12,613,000
Electro-dynamic
segment revenue 821,000 555,000 3,061,000 2,232,000
-----------------------------------------------------
Total revenue 4,302,000 3,909,000 16,427,000 14,845,000
-----------------------------------------------------
Gross profit 1,862,000 1,819,000 6,958,000 6,701,000
Gross profit
margin 43.3% 46.5% 42.4% 45.1%
-----------------------------------------------------
Income from
operations 393,000 366,000 1,379,000 1,477,000
Pretax income 308,000 327,000 1,060,000 1,337,000
=====================================================
Net income (1)429,000 (2)1,104,000 (1)1,151,000 (2)2,088,000
=====================================================
(1) Includes $135,000 for a deferred tax benefit
(2) Includes $780,000 for a deferred tax benefit
Earnings Per
Share:
Basic:
Net income 429,000 1,104,000 1,151,000 2,088,000
Preferred stock
dividends -- (59,000) (156,000) (230,000)
Accretion of
redeemable
preferred stock -- (37,000) (183,000) (264,000)
-----------------------------------------------------
Net income
available to
common
shareholders 429,000 1,008,000 812,000 1,594,000
=====================================================
Basic earnings
per share $0.05 $0.23 $0.14 $0.37
=====================================================
Basic weighted
average shares
outstanding 8,776,000 4,417,000 5,981,000 4,266,000
=====================================================
Diluted:
Net income 429,000 1,104,000 1,151,000 2,088,000
Interest expense
from
convertible
debt 14,000 20,000 75,000 80,000
-----------------------------------------------------
Net income
available to
common
shareholders -
Diluted 443,000 1,124,000 1,226,000 2,168,000
=====================================================
Diluted earnings
per share $0.05 $0.12 $0.11 $0.25
=====================================================
Diluted weighted
average shares
outstanding 9,427,000 9,178,000 10,758,000 8,851,000
=====================================================
Qualmark Corporation, headquartered in Denver, Colorado, is the leader in designing, marketing, and manufacturing accelerated life-testing systems (HALT and HASS) providing the world's largest corporations with solutions that improve product reliability and allow them to get to market faster. The Company has installed more than 600 of its proprietary testing systems in 35 countries. The Company operates and partners with ten testing facilities worldwide.
The Company also offers electrodynamic vibration solutions through its subsidiary, Ling Electronics.
Ling Electronics, headquartered in West Haven, Connecticut, is the leader in supplying electrodynamic systems, components, and service to the worldwide vibration test equipment market.
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