Paltek Corp. (JASDAQ:7587) agreed to acquire Semiconductor Business and MEMS Business from SiMICS Co., Ltd. on June 24, 2014. The transaction is expected to close on June 30, 2014.

Paltek Corp. (JASDAQ:7587) completed the acquisition of Semiconductor Business and MEMS Business from SiMICS Co., Ltd. during the quarter ended June 30, 2014. Following the completion, Semiconductor Business and MEMS Business will be renamed to Technology Innovation, Inc.