Amtech Systems Inc. announced a $274,000 gain from the sale of Echelon Service Co.Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASYS) Thursday reported a $274,000 gain from the sale of Echelon Service Co. (Echelon). The sale was undertaken in order to concentrate 100 percent of the company's management and financial resources on its core business, the semiconductor equipment segment. Echelon was the company's last remaining interest in the technical contract personnel business. On Dec. 29, 1995, Amtech Systems Inc. (Amtech or the company) entered into an Agreement and Plan of Reorganization and Corporate Separation with Eugene R. Hartman, a vice president and director of Amtech and president of Echelon (the Agreement), to split-off the technical contract personnel business operated by Amtech through Echelon, a then wholly-owned subsidiary. The parties have now closed the split-off transaction (the split-off) effective as of Dec. 31, 1995. Prior to closing the split-off Echelon distributed a dividend to Amtech, in order to equalize e·qual·ize v. e·qual·ized, e·qual·iz·ing, e·qual·iz·es v.tr. 1. To make equal: equalized the responsibilities of the staff members. 2. To make uniform. the values. The closing consisted of the company transferring all of the stock of Echelon held by it to Hartman in exchange for 98,017 shares of Amtech Common Stock held by Hartman. The transaction was structured as a tax-free split-off and, as such, no provision was made for income taxes. Prior to entering into the Echelon Agreement with Hartman, the company obtained an independent business evaluation and sought and negotiated offers from third-parties. As of the split-off, Hartman resigned as an officer of Amtech. Hartman will cease to be a director of the company upon election of a successor at the company's annual meeting of shareholders to be held on Feb. 29, 1996. Amtech Systems Inc. manufactures capital equipment for use in the production of semiconductors, including the Tempress(R) Systems' horizontal diffusion diffusion, in chemistry, the spontaneous migration of substances from regions where their concentration is high to regions where their concentration is low. Diffusion is important in many life processes. furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. , ATMOSCAN(R), an environmentally controlled wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. processing system, IBAL IBAL Irish Business Against Litter , modular robotic devices which automate the process of wafer loading and unloading Unloading Selling securities or commodities whose prices are dropping to minimize loss. , and load stations, which load Tempress(R) and other brands of furnaces. CONTACT: Amtech Systems Inc., Tempe Robert T. Hass, 602/967-5146 |
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