EXHIBIT 99.1
[inTEST News Release Letterhead]
inTEST REPORTS INCORRECT INFORMATION IN FORMS 144 FILED
ON BEHALF OF EXECUTIVE OFFICERS AND DIRECTOR
CHERRY HILL, NJ, December 2, 2005 - inTEST Corporation (Nasdaq: INTT), an
independent designer, manufacturer and marketer of semiconductor automatic test
equipment (ATE) interface solutions and temperature management products, today
reported that Forms 144 that were filed with the Securities and Exchange
Commission for several executive officers and a director substantially
overstated the number of shares that were to be sold in the ninety days
following the filing of such Forms 144. The Forms 144 were filed on behalf of
these executive officers and director by their broker in connection with sales
that were to be executed under 10b5-1 trading plans. Amended Forms 144 will be
filed as soon as possible.
The Forms 144 should have reported as planned sales such number of shares that
were designated to be sold by such officers upon the vesting of shares of
restricted stock that had been awarded last year. Twenty-five percent (25%) of
these shares vested on November 23, 2005, at which time the value of the vested
shares became taxable income to the recipients. In order to obtain the funds to
pay the income taxes that became due upon the vesting of such shares, the
following officers and director had each entered into 10b5-1 trading plans in
August 2005 that directed the sale of a portion of the shares when they vested:
Robert E. Matthiessen, CEO, Hugh T. Regan, Jr., CFO, James Pelrin, General
Manager - Temperature Management Product Segment, Daniel J. Graham, General
Manager - Manipulator and Docking Hardware Product Segment and Stuart F.
Daniels, a director. Such trading plans were designed to comply with the rules
and regulations of the Securities and Exchange Commission.
The amended Forms 144 will restate the number of shares each of these persons
planned to sell as follows:
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
# OF SHARES THAT SHOULD
# OF SHARES REPORTED AS HAVE BEEN REPORTED AS RESTRICTED SHARES VESTED
OFFICER/DIRECTOR PLANNED SALES PLANNED SALES ON NOV. 23, 2005
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Matthiessen 141,500 2,200 8,750
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Regan 13,750 1,250 5,000
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Pelrin 30,000 1,275 5,000
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Graham 130,000 1,250 5,000
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Daniels 27,000 500 3,000
- ---------------------------- ------------------------------- ----------------------------- ---------------------------
Alyn Holt, Chairman of the Board, commented, "It is extremely unfortunate that
these Forms 144 were filed as they were, suggesting that our officers and
directors are not fully behind the company, when each of these individuals
continues to hold substantially all of the restricted shares that vested last
month."
ABOUT inTEST CORPORATION
inTEST Corporation is an independent designer, manufacturer and marketer of ATE
interface solutions and temperature management products, which are used by
semiconductor manufacturers to perform final testing of integrated circuits
(ICs) and wafers. The Company's high-performance products are designed to enable
semiconductor manufacturers to improve the speed, reliability, efficiency and
profitability of IC test processes. Specific products include positioner and
docking hardware products, temperature management systems and customized
interface solutions. The Company has established strong relationships with
semiconductor manufacturers globally, which it supports through a network of
local offices. For more information visit WWW.INTEST.COM.
CONTACTS:
Hugh T. Regan, Jr., Treasurer and Chief Financial Officer, inTEST Corporation
856-424-6886, ext 201.
David Pasquale, 646-536-7006, or Abbas Qasim, 646-536-7014
Both of The Ruth Group, www.TheRuthGroup.com