YAVNE, Israel, Dec. 9, 2014 /PRNewswire/ -- ORBOTECH LTD.
(NASDAQ: ORBK) today announced that its subsidiary ORBOTECH LT
SOLAR ("OLT Solar") received purchase orders for its thin
film deposition systems totaling approximately $15 million in value from one of its existing
customers, a leading solar panel manufacturer. Deliveries of these
systems are expected to take place during the first half of
2015.
In 2013, OLT Solar sold its thin film deposition systems to this
customer for the purpose of qualifying them for future orders. The
customer's satisfaction with the performance of this system has now
resulted in the selection of OLT Solar to provide multiple systems
for its new facility, which is scheduled to begin operations
in 2015.
Dr. Kam Law, Chief Executive
Officer of OLT Solar, stated, "We are very pleased that our
cost-effective and highly reliable Aurora PECVD® thin
film deposition system has been selected for follow on orders of
such magnitude by this Tier 1 manufacturer. The production of
high-efficiency solar cells requires superior thin film quality and
uniformity as well as accurate and repeatable process conditions.
Our Aurora PECVD® offers the flexibility to operate in
diverse process conditions, as well as greater control over the
different variables, making it extremely well suited for advanced
cell fabrications."
"These substantial follow on orders bear out OLT Solar's
position as an increasingly important supplier to the solar energy
industry; and we look forward to capitalizing on the current trend
of growth and development throughout the industry."
added Mr. Asher
Levy, Chief Executive Officer of Orbotech Ltd.
About OLT
Solar
OLT Solar, located in the heart of Silicon Valley, has brought to
market a new PECVD deposition system for the crystalline silicon
solar cell manufacturing. By combining a novel concept and
efficient design in its initial product, the Aurora PECVD®, with
Orbotech's global infrastructure, OLT Solar is uniquely positioned
to support the growth and success of the solar renewable energy
industry. For more information please visit www.oltsolar.com.
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ: ORBK) is a global innovator of enabling
technologies used in the manufacture of the world's most
sophisticated consumer and industrial products throughout the
electronics and adjacent industries. The Company is a leading
provider of yield enhancement and production solutions for
electronics reading, writing and connecting, used by manufacturers
of printed circuit boards, flat panel displays, advanced packaging,
micro-electro-mechanical systems and other electronic components.
Today, virtually every electronic device is produced
using Orbotech technology. For more information visit
www.orbotech.com.
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 (which includes the Semi IC and Systems business) and are
subject to uncertainties and factors relating to Orbotech's
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, timing and
extent of achieving the anticipated benefits of the acquisition of
SPTS, the timing and impact of conversion of SPTS's financial
statements from U.K. GAAP to U.S. GAAP and the Company's ability to
convert SPTS to a U.S. GAAP reporting regime, including its
internal control over financial reporting; Orbotech's ability to
effectively integrate and operate SPTS's business, the timing,
terms and success of any strategic or other transaction,
cyclicality in the industries in which the Company operates, the
Company's production capacity, timing and occurrence of product
acceptance (the Company defines 'bookings' as purchase arrangements
with customers that are based on mutually agreed terms which, in
some cases, may still be subject to completion of written
documentation and may be changed or cancelled by the customer,
often without penalty), 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 each of 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, the timing for a verdict in
the ongoing appeal of the criminal matter and ongoing investigation
in Korea (which may be in 2014 or early 2015), the final outcome
and impact of this matter, including its 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, ongoing or increased hostilities in Israel 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,
2013, and subsequent SEC filings. 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.
COMPANY
CONTACT:
|
|
Ann
Michael
|
Anat
Earon-Heilborn
|
Senior Corporate
Marketing Communications Manager
|
Director of Investor
Relations
|
Orbotech
Ltd.
|
Orbotech
Ltd.
|
Tel:
+972-8-942-3148
|
Tel:
+972-8-942-3582
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orbotech-lt-solar-receives-follow-on-orders-totaling-15-million-300006781.html
|
SOURCE Orbotech Ltd.