Asyst Technologies, Inc. Completes Acquisition of Palo Alto Technologies, Inc.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--August 30, 1999-- Asyst Technologies, Inc. (Nasdaq NM:ASYT), a leading supplier of advanced manufacturing solutions for the semiconductor industry, announced that it has completed its acquisition of Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. Technologies, Inc. (PAT), effective August 27, 1999. The acquisition of PAT, a Mountain View, California-based startup dedicated to the development of advanced transport technology for semiconductor fab See fab. transport automation, marks Asyst's entry into 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. transport and further expands the Company's role in the semiconductor fab automation market. PAT is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Asyst. The acquisition was originally announced on August 19, 1999. Under the terms of the agreement, Asyst acquired all equity in PAT in a security purchase transaction for approximately $4.5 million, plus a future earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. based on transport automation product revenues in excess of certain defined threshold amounts. Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, semiconductor industry cycles, risks associated with the acceptance of new products and product capabilities and other factors more fully detailed in the Company's most recent Forms 10-K and 10-Q and annual report to shareholders. About Asyst: Asyst Technologies, Inc. is a leading provider of advanced technologies designed to protect and enhance customers' valued assets throughout all phases of the manufacturing process. The company's comprehensive solutions set includes 200 and 300 mm product families that deliver state-of-the-art isolation, material management, robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions and software needed to ensure seamless factory automation in the most advanced fabs worldwide. Leveraging its value assurance technologies, Asyst offers OEMs the ability to speed time to market and reduce development costs, and chipmakers the ability to achieve greater fab profitability and productivity. Asyst's homepage is located on the World Wide Web at http://www.asyst.com. |
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