UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
February 16, 2021
Date of Report (Date of earliest event reported)
inTEST Corporation
(Exact Name of Registrant as Specified in its Charter)
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Delaware (State or Other Jurisdiction of Incorporation) |
1-36117 (Commission File Number) |
22-2370659 (I.R.S. Employer Identification No.) |
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804 East Gate Drive, Suite 200, Mt. Laurel, New Jersey 08054 |
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(856) 505-8800 |
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N/A |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
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☐ |
Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
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Common Stock, par value $0.01 per share |
INTT |
NYSE American |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) |
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Emerging growth company ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
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Item 7.01. Regulation FD Disclosure
On February 16, 2021, inTEST Corporation (the "Company") issued a press release announcing that it continues to experience strong growth in its automotive and electric vehicle (EV) market penetration by the Company’s Thermal Products Segment subsidiary, Ambrell Corporation. The Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description |
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99.1 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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inTEST CORPORATION |
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By: /s/ Hugh T. Regan, Jr. |
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Hugh T. Regan, Jr. |
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Secretary, Treasurer and Chief Financial Officer |
Date: February 16, 2021
EXHIBIT 99.1
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NEWS RELEASE |
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FOR IMMEDIATE RELEASE
inTEST Experiences Strong Growth in its Electric Vehicle Market Penetration
Preferred Supplier Status for EV Manufacturers Further Validates End Market Diversification Strategy
MT. LAUREL, NJ – February 16, 2021 - 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, energy, industrial, semiconductor and telecommunications, announced today that it continues to experience strong growth in its automotive and electric vehicle (EV) market penetration. “We are making great strides in this emerging market,” noted Nick Grant, inTEST President and CEO. “inTEST’s Thermal Products Segment’s subsidiary, Ambrell Corporation, continues to make strong contributions to the Company’s diversification strategy, and we see the EV market as one of the early successes in our renewed focus on end markets and applications.”
Ambrell is a leader in the induction heating industry and has become a key partner and supplier for automotive manufacturers and their integrators which produce a broad range of EV models. inTEST has recently been awarded several significant automotive projects in the EV market, with Ambrell equipment installations at EV manufacturing plants in North America and Asia. Ambrell’s EASYHEATTM and EKOHEAT® power supplies are used in a variety of EV applications and are renowned for their ability to consistently deliver process heating solutions that are fast, precise, repeatable and safe. In addition, Ambrell is gaining recognition from automotive manufacturers across the globe for its EV consultative services and applications laboratory support provided by Dr. Girish Dahake, Sr. Vice President of Global Applications, and his team of engineers. On the strength of Ambrell’s high quality, dependable power supplies combined with extensive application expertise and support, Ambrell continues to be a preferred supplier for EV manufacturers worldwide.
“We are pleased with the market acceptance and adoption of our technology by leading EV manufacturers,” added Mr. Grant. “This is a high-profile example of inTEST’s strategy to focus on end markets, applications and product development for higher growth opportunities. Ambrell’s reputation for subject matter expertise in EV applications has grown dramatically in recent years, and we are extremely proud to partner with some of the world’s leading OEMs in this automotive sector. To meet the ever-increasing demands for our products and services in the EV arena, Ambrell has recently broadened its product portfolio and we’ve invested heavily in their state-of-the-art applications laboratory and in the expansion of their team of induction heating engineers. In addition, Ambrell recently added a Business Development Manager to drive further penetration in this expanding market. These investments are a testament to our commitment in meeting the rigorous requirements of EV applications.” Mr. Grant concluded, “We’re excited about Ambrell’s important role in future EV projects and we look forward to serving our partners in this new, emerging era of automotive manufacturing.”
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, energy, industrial, semiconductor and telecommunications. Backed by decades of engineering expertise and a culture of operational excellence, we solve difficult thermal, mechanical and electronic challenges for customers worldwide while generating strong cash flow and profits. Our strategy uses these strengths to grow and increase stockholder value by maximizing our businesses and by identifying, acquiring and optimizing complementary businesses.
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” 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. Risks and uncertainties include, but are not limited to, any mentioned in this press release as well as 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; the success of our strategy to diversify our business by entering markets outside the Semi Market; our ability to successfully consolidate our EMS operations without any impacts on customers shipments; 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, 2019 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 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.
Contacts
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inTEST Corporation |
Investors: |
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Hugh T. Regan, Jr. |
Laura Guerrant-Oiye, Principal |
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Treasurer and Chief Financial Officer |
Guerrant Associates |
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Tel: 856-505-8999 |
laura@ga-ir.com |
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Tel: (808) 960-2642 |
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