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EXHIBIT 99.10
[JACO LOGO]
ELECTRONICS, INC.
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FOR IMMEDIATE RELEASE NEWS ANNOUNCEMENT
CONTACT:
Jeffrey D. Gash Joseph N. Jaffoni, Jennifer Hallahan
Vice President, Finance Jaffoni & Collins Incorporated
631/273-5500 or [email protected] 212/835-8500 or [email protected]
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JACO ELECTRONICS COMPLETES INTERFACE ELECTRONICS ACQUISITION
Hauppauge, NY and Franklin, MA (BUSINESS WIRE) (June 8, 2000) -- Jaco
Electronics, Inc. (Nasdaq: JACO), a distributor of electronic components to
original equipment manufacturers, announced today that it has completed the
previously announced acquisition of Interface Electronics Corporation (IEC), a
distributor of electronic components primarily serving the Northeast and
Southeast for $15.4 million and the assumption of approximately $3.3 million of
IEC's debt. Pursuant to the acquisition agreement, Joseph Oliveri, the former
Chairman and Chief Executive Officer of IEC, is now serving as Vice Chairman
and Executive Vice President of Jaco Electronics.
Commenting on the transaction, Joel Girsky, Jaco's Chairman and Chief Executive
Officer, said, "We are excited to integrate IEC and its knowledgeable and proven
management and sales team into Jaco's operations. We welcome Joe Oliveri to the
Board and management team and look forward to the benefit of his experience as
we continue to pursue additional internal and external growth opportunities for
Jaco and its shareholders."
Jaco is a distributor of electronic components and a provider of contract
manufacturing and value-added services throughout the United States and Canada
from two distribution centers located on the East and West coasts and 17 sales
offices located throughout the United States. The Company distributes products
such as semiconductors, capacitors, resistors, electro-
-more-
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JACO ELECTRONICS COMPLETES INTERFACE ELECTRONICS ACQUISITION, 6/8/00 page 2
mechanical devices, flat panel displays and monitors and power supplies, which
are used in the manufacture and assembly of electronic products. The Company
also provides a variety of value-added services including automated inventory
management services, integrating and assembling various custom components with
flat panel displays (FPD's) to customer specifications (box-build), kitting the
component requirements of customers, and furnishing contract manufacturing
services.
Except for the historical information in this press release, this press release
includes forward-looking statements that involve risks and uncertainties,
including, but not limited to, the impact of competitive products, product
demand and market acceptance risks, fluctuations in operating results, delays in
development of highly-complex products and other risks detailed from time to
time in the Company's Securities and Exchange Commission filings. Actual results
may differ materially from such information set forth herein.
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