Brightpoint, Inc. (Nasdaq:CELL) (together with its subsidiaries and affiliates "Brightpoint"), a global leader in providing supply chain solutions to the wireless industry, today announced that its subsidiary, Brightpoint International (Malaysia) Sdn. Bhd. ("Brightpoint Malaysia"), has successfully completed the formation of a joint venture in Malaysia with STC Partners Sdn. Bhd. ("STC") and purchased certain assets of STC. The transaction was previously announced on December 9, 2011. By finalizing the transaction, Brightpoint extends its presence in Asia Pacific to the Malaysian market.
"We are excited to complete our joint venture with STC," stated Bruce Thomlinson, Brightpoint's President, Asia Pacific. "This agreement establishes a strong partnership with STC and sets the stage for Brightpoint to be the leading wireless device distributor and logistic services provider in the Malaysian market."
Under the terms of the agreement, Brightpoint Malaysia paid RM18.9 million (approximately US$6.1 million) to STC and transferred 40 percent ownership of Brightpoint Malaysia to STC. In addition, according to terms more fully described in the Current Report on Form 8-K filed by Brightpoint, Inc. on December 9, 2011, Brightpoint Malaysia purchased the fixed assets and inventory held by STC at closing.
About Brightpoint, Inc.
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in providing end-to-end supply chain solutions to leading stakeholders in the wireless industry. In 2010, Brightpoint handled approximately 99 million wireless devices globally. Brightpoint's innovative services include distribution channel management, procurement, inventory management, repair services and reverse logistics, software loading, kitting and customised packaging, fulfillment, product customization, eBusiness solutions, and other outsourced services that integrate seamlessly with its customers. Brightpoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible, and cost effective solutions. Brightpoint has approximately 4,000 employees, as well as a significant number of temporary staff, and a global footprint covering more than 35 countries, including 13 Latin American countries through its investment in Intcomex, Inc. In 2010, Brightpoint generated revenue of $3.6 bill
ion. Brightpoint provides distribution and customised services to over 25,000 B2B customers worldwide. Additional information about Brightpoint can be found on its website at www.brightpoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents Brightpoint files, from time to time, with the Securities and Exchange Commission, including Brightpoint's most recent Form 10-K and Form 10-Q and Exhibit 99.1, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.
CONTACT: Brightpoint, Inc.
Tom Ward
Investor Relations
317-707-2745