Sharp failed to fulfill the terms of the deal with Qualcomm, required to obtain a second part of investments

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POSTER: computer news   ||   SHARP FAILED TO FULFILL THE TERMS OF THE DEAL WITH QUALCOMM, REQUIRED TO OBTAIN A SECOND PART OF INVESTMENTS	DATE:2013-03-24
In early December last year, it became known that Qualcomm company will help in the development of Sharp LCD panels for smartphones .  More specifically, the parties agreed that the company will finance the development of Qualcomm IGZO panels for smartphones, giving Sharp 5 billion yen (approximately $ 61 million) to the end of the year, receiving in exchange for newly issued shares that are held for trading.  Another 5 billion yen Sharp could count when designing will be sufficient progress.  The deadline for providing the results of the development was 29 March 2013. Sharp confirmed that it has time to fulfill their part of the deal. It is a complete design specifications displays for smartphones and tablets and preparation for the production of these products. And financial conditions were: to achieve a operating profit in the second half of the financial year and the availability of assets for an amount not less than 1.05 billion.  However, according to Sharp, cause of delays were not finance. The parties agreed to postpone the end of June.  By that time, Sharp should fulfill their obligations to obtain a second crop of investments. For Sharp is very important to get the money, since in September 2013 are due debts.  Currently, the Japanese manufacturer is negotiating with  Lenovo Group the sale of TV assembly factory, located in China, and with Hon Hai Precision Industry (Foxconn) - the sale of a similar enterprise in Mexico.  Note that the possibility of assets sale  are limited, because last year Sharp had to lay most of its manufacturing facilities and offices in Japan to get a loan of $ 3.8 billion. Related Products :

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