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Sharp will miss deadline to receive $60M payment

The Columbian
Published: March 17, 2013, 5:00pm

Sharp Corp. said it will miss a March 29 deadline to receive the second half of a $120 million investment from Qualcomm Inc. after it failed to complete a plan to begin fabricating power-saving screens the two companies are jointly developing, Reuters reported.

Qualcomm, which paid half the $120 million in December, set conditions for the remainder that included having completed the specifications for the smartphone and tablet PC screens and preparations for their production. San Diego-based chipmaker Qualcomm also said Sharp would have to make an operating profit in the second half of its business year and have at least $1.05 billion of net assets.

“The financial targets are not the reason for the delay,” Sharp spokeswoman Miyuki Nakayama said.

Sharp and Qualcomm will now fall back to a June 30 deadline for the Japanese company to meet conditions for the second payment. Sharp operates Sharp Microeconomics of the Americas and Sharp Laboratories in Camas.

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