Amtech Systems Inc. Announces New Board Member and Chair of Audit Committee.TEMPE, Ariz. -- Amtech Systems Inc. (Nasdaq: ASYS), a global supplier of production and automation systems and related supplies for the semiconductor, silicon wafer, solar cell and microelectromechanical system (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) industries, today announced that Lawrence D. Firestone has been elected as a member of the company's board of directors. Firestone has also been appointed chairman of the Audit Committee. Firestone was appointed to the company's board on Oct. 27, 2005, and will serve as the chair of the Audit Committee. He qualifies as an "audit committee financial expert" as defined in the rules promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. by the U.S. Securities and Exchange Commission and required by the NASDAQ National Market. Firestone is the chief financial officer, secretary and treasurer of Applied Films Corp. (Nasdaq: AFCO AFCO Automatic Fuel Cutoff AFCO Armed Forces Career Office AFCO Air Force Cryptologic Office AFCO Australian Federation of Consumers Organisations AFCO Air Fuel Cutoff AFCO Automotive Fluid Connectors Operations AFCO Aggies for Christ in the Orient ), a company with a $288 million market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. , and has served in that role since 1999. Applied Films is a supplier of thin film deposition Placing thin films of material onto metal, ceramic or semiconductor substrates. See sputtering. equipment to several industries, including the solar cell industry, with global operations. Prior to joining Applied Films, he was vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Avalanche Industries Inc., a contract manufacturing company, and held various senior financial positions at Woolson Spice & Coffee Company Inc., TechniStar Corp. and Colorado Manufacturing Technology Inc. Firestone has extensive business and financial experience in raising capital, public company management, startup, growth and turnaround companies, international operations, acquisitions and divestitures. Firestone holds a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in business administration with a concentration in accounting from Slippery Rock State College. Firestone stated, "I am delighted to be working with a seasoned management team, and a global company that has such an exciting strategic plan and vision. Planning for growth through acquisitions, new products and increased market penetration will be an exciting challenge. I look forward to working with this team in taking Amtech Systems to the next step in achieving those plans." J.S. Whang, the company's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "I am very pleased with the addition of Firestone to our board of directors and Audit Committee. Since he began working at Applied Films six years ago, that company's revenue has grown from $32 million to $182 million, representing a 34% annual compounded average growth rate. As a result, I am convinced that his skills and experience will make Larry a great contributor to our management team, as we continue to pursue the company's growth strategy." Amtech Systems Inc. manufactures capital equipment, including silicon wafer handling automation, thermal semiconductor processing equipment and related consumables used in fabricating semiconductor devices. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including computers, telecommunications devices, automotive products, consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , industrial automation and control systems. The company's semiconductor handling, thermal processing and consumable products currently address the polishing of newly sliced silicon wafers and reclaimed test wafers, and the oxidation and deposition steps used in the fabrication of semiconductors, MEMS and solar cells. 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 provides a "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. " for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Amtech Systems Inc.) contains statements that are forward-looking. Such forward-looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, industry specific and general business conditions, competitive market conditions, success of Amtech's growth and sales strategies, and other risks indicated in our filings with the Securities and Exchange Commission (SEC). We assume no obligation to update this information. For more details, please refer to our SEC filings, including our Annual Report on Form 10-K and 10K/A K/A Knowledge and Abilities for the fiscal year ended Sept. 30, 2004, our Quarterly Reports on Form 10-Q for the quarters ended Dec. 31, 2004, March 31, 2005, and June 30, 2005, and our Current Reports on Form 8-K. |
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