Asyst Technologies Discusses Status of Proposed Land Sale.Business Editors FREMONT, Calif.--(BUSINESS WIRE)--Jan. 6, 2003 Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated automation systems that maximize semiconductor manufacturing productivity, today announced that it has not closed on the proposed sale of its land in Fremont, Calif., which had been expected to close by the end of its third fiscal quarter ended Saturday, Jan. 4, 2003. The company may elect to consider alternative offers. There can be no assurance that a sale will be completed in the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. As previously announced, the sale was expected to provide net cash to the company of approximately $19 million. The value of the land was written down to this level in the company's second fiscal quarter ended Sept. 30, 2002. The company believes that the land, which had been purchased in 2000 as the site for a future headquarters, is highly attractive. However, there is currently a glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. of existing commercial space in Silicon Valley and prospective purchasers are concerned about their ability in the near term to rezone re·zone tr.v. re·zoned, re·zon·ing, re·zones To change the zoning classification of (a neighborhood or property, for example). re the property for residential development. Consistent with the company's prior guidance, free cash flow for the third fiscal quarter is expected to be neutral. Giving effect to previously announced financing activity and the purchase of 51% of the Asyst-Shinko joint venture, all of which occurred during the third fiscal quarter, cash and short-term investments at quarter-end now are expected to be approximately $55 million. This does not include cash and short-term investments held by Asyst-Shinko of approximately $15-20 million, which is for the exclusive use of the joint venture. The company believes that this level of cash and short-term investments is sufficient to support its working capital and capital expenditure needs for the next several quarters. Depending on market conditions, the company may elect to pursue other measured strategies to strengthen its balance sheet. About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation systems for the semiconductor manufacturing industry, which enable semiconductor manufacturers to increase their manufacturing productivity and protect their investment in silicon wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. during the manufacture of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. , or ICs. Encompassing isolation systems, work-in-process materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, , substrate-handling 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 , automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable The ability for one system to communicate or work with another. See interoperability. solutions allow chipmakers and original equipment manufacturers, or OEMs, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com. "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 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: the ability to effectively manage cash flow, the availability of financing if needed, the volatility of semiconductor industry cycles, failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers, risks associated with the acceptance of new products and product capabilities, competition in the semiconductor equipment industry, failure to efficiently integrate acquired companies, failure to retain employees, losses of market share, and other factors more fully detailed in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 31, 2002 and other reports filed with the Securities and Exchange Commission. |
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