IPG Photonics Announces Stock Transfer by CEO to New Trust for Estate Planning Purposes
CEO Continues to beneficially own 15% of IPG Photonics Common Stock
OXFORD, Mass.--(BUSINESS WIRE)-- IPG Photonics Corporation (NASDAQ: IPGP) today announced that founder, Chief Executive Officer and Chairman Valentin P. Gapontsev has gifted 110,000 shares of IPG common stock to a new irrevocable trust, the Valentin Gapontsev Trust III, dated December 13, 2012 (Gapontsev Trust III), for estate planning purposes. Gapontsev Trust III purchased from Dr. Gapontsev 890,000 shares of IPG common stock and a 2.0% ownership interest in IP Fibre Devices (UK) Ltd. with a promissory note. The transfers of the unregistered stock to Gapontsev Trust III were not made on the open market. As required, Dr. Gapontsev will file a Form 4 reporting the transfers of stock to Gapontsev Trust III using appraised values.
After the transfers to Gapontsev Trust III, Dr. Gapontsev continues to beneficially own 7,981,933 shares of IPG Photonics (IPGP) common stock, or 15.6% of the Issuers outstanding shares. This is comprised of 627,931 shares of IPG Photonics common stock owned directly by Dr. Gapontsev and 7,354,002 shares of common stock owned by IP Fibre Devices (UK) Ltd., of which Dr. Gapontsev is the sole managing director.
The trustees of the Trust are officers and employees of IPG Photonics and include Eugene Scherbakov, Alex Ovtchinnikov, Angelo Lopresti and Valentin Fomin.
About IPG Photonics Corporation
IPG Photonics Corporation is the world leader in high-power fiber lasers and amplifiers. Founded in 1990, IPG pioneered the development and commercialization of optical fiber-based lasers for use in diverse applications, primarily materials processing. Fiber lasers have revolutionized the industry by delivering superior performance, reliability and usability at a lower total cost of ownership compared with conventional lasers, allowing end users to increase productivity and decrease operating costs. IPG has its headquarters in Oxford, Massachusetts, and has additional plants and offices throughout the world. For more information, please visit www.ipgphotonics.com.
Dennis Walsh, 617-542-5300
Source: IPG Photonics CorporationCopyright Business Wire 2012