SpeedFam International to Book Commission Revenue on Purchase Agreement with Seagate.CHANDLER, Ariz.--(BUSINESS WIRE)--Feb. 26, 1997--SpeedFam International, 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 :SFAM SFAM Society for Applied Microbiology SFAM Scenes from A Memory (Dream Theater album) SFAM Seven for All Mankind SFAM Simultaneous Frequency and Amplitude Modulation SFAM San Francisco Attorney Magazine SFAM Sister from Another Mister ), a leading supplier of high-throughput chemical mechanical polishing (CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information ) systems for the semiconductor and disk industries worldwide, today announced a volume purchase agreement with Seagate Substrates, a manufacturing subsidiary of Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. . The agreement, valued in excess of $7 million, is expected to generate commission revenue for SpeedFam International. The agreement calls for the shipment of multiple DSM 1. DSM - Data Structure Manager. An object-oriented language by J.E. Rumbaugh and M.E. Loomis of GE, similar to C++. It is used in implementation of CAD/CAE software. DSM is written in DSM and C and produces C as output. double-sided polishing machines for thin film memory disk media to Seagate's manufacturing plants in Limavady, Northern Ireland, and Anaheim, California. The machines were sold to Seagate by the Company's wholly owned U.S. subsidiary, SpeedFam Corporation, and will be manufactured by SpeedFam International's Far East joint venture, SpeedFam Co., Ltd., located in Japan. "This purchase agreement with Seagate underscores our leading market share in thin film memory disk media," said Makoto Kouzuma, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of SpeedFam International. "The agreement also highlights the growing contribution of the Far East joint venture. In addition to commission revenue and net earnings, SpeedFam Co., Ltd. provides superior technology and products to SpeedFam International on a global scale." According to Kouzuma, the SpeedFam DSM polishing machines will be used to simultaneously process both sides of the nickel-plated aluminum substrates of Seagate thin film memory disks at the Limavady and Anaheim factories. The Company SpeedFam International, Inc. designs, develops, manufactures, markets and services chemical mechanical polishing, or `CMP,' systems used in the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of semiconductor devices and other high- throughput precision surface processing systems used in the fabrication of thin film memory disk media, semiconductor wafers and general industrial components. In addition, the Company markets and distributes polishing liquids (or slurry), parts and expendables used in its customers' manufacturing processes. SpeedFam International, Inc. owns a 50-percent interest in each of two joint ventures, SpeedFam Co., Ltd. and Fujimi Corporation. Certain statements in this news release constitute `forward- looking statements' within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. The aforementioned risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission (SEC). CONTACT: SpeedFam International, Inc. Roger K. Marach, 602/961-2175 (Chief Financial Officer) Karen A. Silva, 602/961-5567 (Mgr., Investor Relations Investor relations The process by which the corporation communicates with its investors. ) |
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