ASTEX ANNOUNCES NO CURRENT PLANS TO CALL OUTSTANDING WARRANTS.WOBURN, Mass.--(BUSINESS WIRE)--May 20, 1996--Applied Science and Technology, Inc. ("ASTeX") (Nasdaq:ASTX) today announced that due to current market conditions and recent corporate events, the Company, although fulfilling all of the requirements for redeeming its publicly traded redeemable warrants, does not intend to proceed with the warrant redemption at this time. Dr. Richard Post, President and Chief Executive Officer, said, "Although we meet the requirements for the warrant redemption, we currently believe it is in the best interest of our shareholders and the Company to delay redeeming the warrants until market conditions for ASTeX stock improve. At this time ASTeX is in a strong financial position to enable the Company to continue to grow through internal developments and acquisitions. We do anticipate that as market conditions improve for our common stock, we will call the warrants at the appropriate time. The Company currently has 1,955,000 redeemable warrants outstanding (Nasdaq:ASTXW). Two redeemable warrants entitle a holder to purchase one share of common stock at $15.05 through November 9, 1998, subject to adjustment in accordance with anti-dilution provisions Anti-Dilution Provision A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid. . The redeemable warrants are subject to redemption at $0.10 per warrant on 30 days prior written notice, provided that the average closing price of the common stock equals or exceeds $19.35 for 20 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. ending within 10 days prior to the notice of redemption. ASTeX is a leading provider of innovative production technology through delivery of components and systems for semiconductor, medical, and CVD CVD Cardiovascular disease, see there diamond applications. ASTeX markets its systems to producers of CVD diamond, while its microwave and RF power generators, plasma sources Plasma sources generate plasmas. Excitation of a plasma requires partial ionisation of neutral atoms and/or molecules of a medium. There are several ways to cause ionisation: collisions of energetic particles, strong electric fields acting on bond electrons, or ionising and ozone generators and subsystems are marketed to the world's leading semiconductor and medical capital equipment manufacturers. Typical semiconductor applications include stripping, etching, CVD and physical vapor deposition  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. , while medical applications include diagnostic imaging and sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). . "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. CONTACT: John Tarrh Applied Science and Technology, Inc. Senior Vice President and Chief Financial Officer (617) 937-5135 OR Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Donna N. Stein, APR/Evan Smith Morgen-Walke Associates, Inc. (212) 850-5600 OR Press Contact: Lee Foley Morgen-Walke Associates, Inc. (212) 850-5600 |
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