I would like to provide a few details regarding the recent announcement that EDGE Tech Corp has agreed to sell substantial assets to Austin-based Avant Technology, Inc., effective January, 2012.
In recent years, the DRAM industry has been plagued with continuous price declines and sluggish demand, making it increasingly difficult for EDGE to compete against larger third-party manufacturers and major OEMs. Unfortunately, industry experts predict similar market dynamics in the future. About a year ago, I started looking for a strategic partner that could potentially merge with EDGE in order to reduce costs and improve production capacity. I had no idea what results, if any, this process would produce. I did know, however, that big changes and consolidation were inevitable as our core business could not sustain, much less grow, without it. After a long, on-again, off-again process, what resulted is the sale to Avant.
I am confident that the expertise and momentum Avant provides will allow EDGE to compete at a new level in the very near future – a real positive for those team members continuing on with the new owners. At the same time, I am disappointed and saddened by the loss of jobs resulting from closing our Ada operations facility, effective this month. EDGE Tech will retain a small office in Ada with approximately ten existing employees who will continue to service our direct ecommerce business (www.edgetechcorp.com).
It’s been almost twenty five years since I posted my first classified ad and sold my first product from a make-shift office in the basement of my parents’ home on south Constant Street. I had no idea that my hobby would develop into a real business, providing hundreds of jobs over the years. I’ve enjoyed being a member of the Ada business community since 1986, and working with some of your best.