Aviza Technology Provides Update on Property Purchase Agreement With Morley Bros., LLC.SCOTTS VALLEY, Calif. -- Aviza Technology, 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 :AVZA), a supplier of advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets, today announced that the purchase agreement to sell Aviza's Scotts Valley property to Morley Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) ., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has been terminated. The purchase agreement, signed on July 9, 2007, included a 90-day due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. period during which Morley Bros., LLC could evaluate the property for residential use. Morley Bros., LLC has decided not to pursue the development project at this time due to an unidentifiable Adj. 1. unidentifiable - impossible to identify identifiable - capable of being identified timeframe for approval of the project by the City of Scotts Valley. "Based on feedback from the City Council and professional staff, there was no identifiable timeframe for approval, therefore, we elected not to proceed with the property," said Eric Morley Eric Douglas Morley (28 November, 1918 – 9 November, 2000) was born in Holborn, London, England. He was the founder of the Miss World pageant. He was married to now headchief of the pageantJulia Morley. Life and career Morley's father died when Morley was just 11. , Principal of Morley Bros., LLC. "The site is not well suited for industrial use; however, it is an excellent residential opportunity that would clearly support and complement a new Town Center. We have a strong appreciation for Scotts Valley and hope to develop new communities here in the future." "Despite Morley Bros.' decision not to pursue this project, Aviza will continue to move forward with plans to re-zone our property for residential use and move our headquarters to Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. County," said Patrick C. O'Connor, Executive Vice President and Chief Financial Officer of Aviza Technology, Inc. "We believe that redeveloping the land to residential use will be complementary to the City of Scotts Valley's plans for developing a new Town Center. By doing so, it would bring in more families to this growing community and increase the customer base for local businesses." The termination of this purchase agreement occurred early in the process, prior to the close of the 90-day due diligence period. However, this decision will not impact the Company's long-term objectives and the Company remains focused on re-zoning the property and relocating its headquarters. Aviza has had a team dedicated to the re-zoning effort and will continue to work with the City of Scotts Valley and the community to carry out a plan that will benefit all parties involved. 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. This press release contains forward-looking statements. These forward-looking statements are based on our management's current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. You should not rely upon these forward-looking statements as predictions of future events because we cannot assure you that the events or circumstances reflected in these statements will be achieved or will occur. These forward-looking statements include, but are not limited to, the statements made by Patrick C. O'Connor and all statements containing the words "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates" or "anticipates" or the negative of these words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. or other variations of these words and phrases or comparable terminology. Many factors could cause our actual results to differ materially from those projected in these forward-looking statements. Some of these factors and other important factors are detailed in our various Securities and Exchange Commission filings, particularly in our most recent 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. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. , as amended, copies of which are available from us without charge. Please review these filings and do not place undue reliance on these forward-looking statements. We assume no obligation to update forward-looking statements. About Aviza Technology, Inc. Aviza Technology, Inc. designs, manufactures, sells and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. The company's systems are used in a variety of segments of the semiconductor market, such as advanced silicon for memory devices, advanced 3-D packaging and power integrated circuits Power integrated circuits Integrated circuits that are capable of driving a power load. The key feature of a power integrated circuit that differentiates it from other semiconductor technologies is its ability to handle high voltage, high current, or a for communications. Aviza's common stock is publicly traded on the NASDAQ Global Market (NASDAQ GM: AVZA). Aviza is headquartered in Scotts Valley, Calif., with manufacturing, R&D, sales and customer support facilities located in the United Kingdom, Germany, France, Taiwan, China, Japan, Korea, Singapore and Malaysia. Additional information about the company can be found at http://www.aviza.com. |
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