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ISR responds to SGX queries on MOU with Straits Hi-Rel
ISR Capital has responded to queries from the Singapore Exchange (SGX) on the memorandum of understanding (MOU) that it has signed with Straits Hi-Rel (SHR) for a proposed investment of up to US$2 million in the Singapore-incorporated company announced on July 11.
ISR said it understands from SHR that the capital expenditure and start-up costs for SHR's initial operations are projected and estimated to be about US$3.5 million.
The shareholders and directors of SHR are John Dean Ritchie and Yeo Soon Lye. Mr Ritchie has over 30 years' experience in electronics manufacturing, with direct hands-on experience in the high-reliability integrated chip (Hi-Rel IC) testing sector for the US military defence contractors, aerospace screening and industrial/automotive compliance testing.
ISR also responded to a variety of other queries from SGX, including what due diligence it had undertaken before entering into the MOU, and what operating licence and/or patent SHR holds for the provision of high-reliability engineering services.