ASTeX Announces Intention to Redeem Warrants.WOBURN, Mass.--(BUSINESS WIRE)--Sept. 3, 1997--Applied Science and Technology, Inc. ("ASTeX") (Nasdaq:ASTX) today announced its intention to redeem all of its outstanding publicly traded redeemable warrants on October 7, 1997 at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $0.10 per warrant. Any holders who wish to exercise their warrants must do so before October 6, 1997 at 5:00 p.m. eastern time. As a result of the 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. of the warrants, two warrants currently entitle the registered holder to acquire 1.015 shares of the Company's common stock, $0.01 par value per share, at a price of $14.83 per share. On August 27, 1997, the average closing sale price for the Company's common stock as reported by the Nasdaq National Market 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. exceeded $19.35 per share. Dr. Richard Post, President and Chief Executive Officer, commented, "We are very pleased to announce the redemption of our warrants as we expect to raise a net of approximately $14 million in cash by issuing approximately one million new shares. This additional equity will strengthen our financial position and allow us to continue to aggressively pursue our overall growth objectives." ASTeX is a leading provider of innovative production technology for the manufacture of advanced semiconductor devices. ASTeX markets its 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 subsystems, ozone generators and subsystems, and specialty power sources to the world's leading semiconductor capital equipment manufacturers. ASTeX markets the same underlying core technology for medical, electro-optic and synthetic diamond Synthetic diamond, also called lab-created, manufactured, "lab-grown" or cultured diamond is a term used to describe diamond (the tetrahedral carbon allotrope) which has been produced by a technological process, as opposed to natural diamond, which is applications. "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: Applied Science and Technology, Inc. John Tarrh, 617/937-5135 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Morgen-Walke Associates, Inc. Donna N. Stein, APR/ Dan Durkin Keil Decker 212/850-5600 or Press Contact: Morgen-Walke Associates, Inc. Lee Foley, 212/850-5600 |
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