TEMPE, Ariz., July 23, 2015 /PRNewswire/ -- Amtech Systems,
Inc. (NASDAQ: ASYS), a global supplier of production equipment and
related supplies for the solar, semiconductor, and LED markets,
today announced that Kingstone Technology Hong Kong Limited (of
which Amtech owns 55%) signed an agreement to sell shares in
Kingstone Semiconductor Company Ltd, a Shanghai-based technology company specializing
in ion implant solutions for the solar and semiconductor
industries, to a China-based
venture capital firm. Proceeds from the sale of shares will be paid
to Amtech and used to support the company's core strategic
initiatives. As part of the agreement, the venture capital
firm is committed to purchase shares directly from Kingstone
Semiconductor, infusing new capital into Kingstone's ion implant
business. Amtech will retain its exclusive solar sales and service
rights until the company receives payment of $5.6 million which is due on or before
March 31, 2016. The transaction
is subject to customary closing conditions and regulatory approvals
in both Shanghai and Hong Kong.
Fokko Pentinga, Chief Executive
Officer, commented, "Successful development of our solar ion
implant systems and related new customers during the solar market
down cycle positioned us to enter into this transaction and
monetize part of our ion implant research and development
investment. We will continue to participate in the solar
ion implant business with world-wide, non-exclusive, selling rights
and minority ownership in the business."
Upon completion of the transaction, Amtech will receive
approximately $8 million (pre-tax)
for its shares and the repayment of a loan; and an additional
$5.6 million (pre-tax) by
March 31, 2016, for its exclusive
sales and service rights; and will own 15% of the Hong Kong holding company (effectively a 10%
beneficial ownership in the Shanghai operating entity).
Additional information regarding the material terms of the
acquisition is set forth in a current report on Form 8-K filed by
Amtech, which is available over the internet at the SEC's website
at http://www.sec.gov.
About Amtech Systems, Inc.
Amtech Systems, Inc. is a global supplier of advanced thermal
processing equipment to the solar, semiconductor / electronics, and
LED manufacturing markets. Amtech's equipment includes diffusion,
ALD and PECVD systems, ion implanters, and solder reflow systems.
Amtech also supplies wafer handling automation and polishing
equipment and related consumable products. The Company's wafer
handling, thermal processing and consumable products currently
address the diffusion, oxidation, and deposition steps used in the
fabrication of solar cells, LEDs, semiconductors, MEMS, printed
circuit boards, semiconductor packaging, and the polishing of newly
sliced sapphire and silicon wafers. Amtech's products are
recognized under the leading brand names Tempress
Systems™, Bruce Technologies™, PR
Hoffman™, R2D Automation™, Kingstone
Semiconductor, SoLayTec, and BTU International.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is
forward-looking in nature. All statements in this press release, or
made by management of Amtech Systems, Inc. and its subsidiaries
("Amtech"), other than statements of historical fact, are hereby
identified as "forward-looking statements" (as such term is defined
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended). In
some cases, forward-looking statements can be identified by
terminology such as "may," "will," "should," "would," "expects,"
"plans," "anticipates," "intends," "believes," "estimates,"
"predicts," "potential," "continue," or the negative of these terms
or other comparable terminology or our management are intended to
identify such forward-looking statements. Examples of
forward-looking statements include statements regarding Amtech's
future financial results, operating results, business strategies,
projected costs, products under development, competitive positions,
and plans and objectives of Amtech and its management for future
operations. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. The Form 10-K that Amtech filed
with the Securities and Exchange Commission (the "SEC") for the
year-ended September 30, 2014, listed
various important factors that could affect the company's future
operating results and financial condition and could cause actual
results to differ materially from historical results and
expectations based on forward-looking statements made in this
document or elsewhere by Amtech or on its behalf. These
factors can be found under the heading "Risk Factors" in the Form
10-Ks and investors should refer to them. Because it is not
possible to predict or identify all such factors, any such list
cannot be considered a complete set of all potential risks or
uncertainties. Except as required by law, we undertake no
obligation to publicly update forward-looking statements, whether
as a result of new information, future events, or otherwise.
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Contacts:
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Amtech Systems,
Inc.
Bradley C. Anderson
Chief Financial Officer
(480) 967-5146
irelations@Amtechsystems.com
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Christensen
Investor Relations
Patty Bruner
(480) 201-6075
pbruner@christensenir.com
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SOURCE Amtech Systems, Inc.