Orbotech Announces Share Repurchase Program
05 Novembro 2012 - 8:58AM
Business Wire
ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced that the
Company’s Board of Directors (the “Board”) approved the
allocation of $30 million for the repurchase of the Company’s
outstanding ordinary shares, NIS 0.14 nominal (par) value each
(“Ordinary Shares”). Such repurchases may be made in the
open market, in privately negotiated transactions or in block
transactions, at the discretion of the Company. The timing and
amount of specific repurchases are subject to the requirements of
the Securities and Exchange Commission, market conditions,
alternative uses of capital and other factors. The Company may
enter into Rule 10b5-1 plans to facilitate repurchases under the
program. A Rule 10b5-1 plan would generally permit the Company to
repurchase the Ordinary Shares at times when it might otherwise be
prevented from doing so under certain securities laws. Purchases
will be funded from available cash and may be commenced, suspended
or discontinued at any time without prior notice. Ordinary Shares
repurchased under the program will be held in treasury (unless
retired by action of the Board) and any Ordinary Shares held in
treasury may be used by the Company in connection with the
Company’s equity award and other employee benefit plans and for any
additional purpose as may be determined from time to time by the
Board.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of
the electronics industry supply chain, as an innovator of enabling
technologies used in the manufacture of the world’s most
sophisticated consumer and industrial products, for over 30 years.
The Company is a leading provider of yield-enhancing and production
solutions, primarily for manufacturers of printed circuit boards,
flat panel displays and other electronic components; and today,
virtually every electronic device is produced using Orbotech
technology. The Company also applies its core expertise and
resources in other advanced technology areas, including character
recognition for check and forms processing and solar photovoltaic
manufacturing. Headquartered in Israel and operating from multiple
locations internationally, Orbotech’s highly talented and
inter-disciplinary professionals design, manufacture, sell and
service the Company’s end-to-end portfolio of solutions for the
benefit of customers the world over. For more information please
see the Company’s filings with the U.S. Securities and Exchange
Commission at www.sec.gov. and visit the Company’s corporate
website at www.orbotech.com. The corporate website is not
incorporated herein by reference and is included as an inactive
textual reference only.
Cautionary Statement Regarding
Forward-Looking Statements
Except for historical information, the matters discussed in this
press release are forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements relate to, among other things, future prospects,
developments and business strategies and involve certain risks and
uncertainties. The words “anticipate,” “believe,” “could,” “will,”
“plan,” “expect” and “would” and similar terms and phrases,
including references to assumptions, have been used in this press
release to identify forward-looking statements. These
forward-looking statements are made based on management’s
expectations and beliefs concerning future events affecting
Orbotech and are subject to uncertainties and factors relating to
its operations and business environment, all of which are difficult
to predict and many of which are beyond the Company’s control. Many
factors could cause the actual results to differ materially from
those projected including, without limitation, the timing, terms
and success of any strategic transaction, the outcome and impact of
the pending criminal matter and ongoing investigation in Korea,
including any impact on existing or future business opportunities
in Korea and elsewhere, any civil actions related to the Korean
matter brought by third parties, including the Company’s customers,
which may result in monetary judgments or settlements, expenses
associated with the Korean matter, cyclicality in the industries in
which the Company operates, the Company’s production capacity,
timing and occurrence of product acceptance, fluctuations in
product mix, worldwide economic conditions generally, especially in
the industries in which the Company operates, the timing and
strength of product and service offerings by the Company and its
competitors, changes in business or pricing strategies, changes in
the prevailing political and regulatory framework in which the
relevant parties operate or in economic or technological trends or
conditions, including currency fluctuations, inflation and consumer
confidence, on a global, regional or national basis, the level of
consumer demand for sophisticated devices such as smartphones,
tablets and other electronic devices and other risks detailed in
the Company’s SEC reports, including the Company’s Annual Report on
Form 20-F for the year ended December 31, 2011. The Company assumes
no obligation to update the information in this press release to
reflect new information, future events or otherwise, except as
required by law.
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