General Test Systems and TOYO Corporation (TOYO) announced that their respective boards of directors have approved a plan to form a new company called AeroGT Labs Corporation (AeroGT). The company is chartered to leverage product solutions, market knowledge, and sales expertise from GTS, TOYO, and TOYOTech, TOYO's US subsidiary, to expand the reach of GTS's OTA measurement solutions across the globe. AeroGT will be located in Fremont, California, and will initially share office space with TOYOTech.

It will have its own management team and the flexibility to implement its own strategies, allowing the company to focus and define its business activities to maximize growth. The new company received financing commitments from GTS and TOYO to fund business activities during its initial ramp-up phase. Based on a sales pipeline developed over the past six months, AeroGT expects to be cash-flow positive by the end of its first year of operation and pay aggregate dividends to shareholders.