Asyst Technologies, Inc. Completes Acquisition of Progressive System Technologies, Inc.FREMONT, Calif.--(BUSINESS WIRE)--June 3, 1999-- Asyst Technologies, Inc. (Nasdaq:ASYT), the leading supplier of Standard Mechanical InterFace (SMIF SMIF Standard Mechanical Interface SMIF Stream-based Model Interchange Format SMIF Shared Materials Instrumentation Facility (Duke University) SMIF Stanford Management Internship Fund SMIF SMAD4-Interacting Transcription Factor ) isolation and manufacturing automation solutions to the semiconductor industry, announced this morning that it has completed its acquisition of Progressive System Technologies, Inc. ("PST PST Paroxysmal supraventricular tachycardia, see there "). PST, 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, is a supplier of substrate management systems for open-cassette, SMIF-integrated wafer logistics and reticle ret·i·cle n. A grid or pattern placed in the eyepiece of an optical instrument, used to establish scale or position. [Latin r automation. The acquisition, originally announced on April 19, 1999, was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. and is valued at approximately $11 million. In conjunction with the closing of the acquisition, Asyst also announced the completion of a private placement of 625,000 shares of its Common Stock to eight institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . The private placement, which closed on May 26, 1999 was priced at $18.00 per share, for aggregate proceeds of approximately $11.3 million. The purpose of the private placement was to untaint shares of Asyst Common Stock to obtain pooling of interests accounting treatment for the acquisition of PST. The proceeds will be used for general corporate purposes. 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 PST: Progressive System Technologies (PST) is privately held and headquartered in Austin, Texas. Established in 1990, PST has earned a global reputation as a leading manufacturer of technologically advanced substrate handling and isolation technology equipment and automation systems solutions for the semiconductor and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time (FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ) industries. PST combines automation solutions that consistently achieve customer satisfaction and market share. Visit PST's web site at http://www.pst-inc.com, or send electronic mail to sales@pst-inc.com for more information. About Asyst: The pioneer of the Standard Mechanical InterFace (SMIF), Asyst Technologies, Inc. is the leading provider of automated material handling systems and software critical to seamless factory automation in the most advanced fabs worldwide. Asyst's comprehensive solutions, which include industry-leading loadport, auto ID, environmental control, robotic, and automation software products for 200 mm and 300 mm applications, result in greater fab profitability and productivity. Asyst's homepage is located on the World Wide Web at http://www.asyst.com |
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