TEMPE, Ariz., April 2, 2018 /PRNewswire/ -- Amtech
Systems, Inc. (NASDAQ: ASYS), a global supplier of production
equipment and related supplies for the solar, semiconductor,
and LED markets, today announced that its Board of Directors has
authorized a new stock repurchase program of up to $4 million of the company's outstanding common
stock, par value $0.01 per share.
This new program will commence immediately and is expected to be
completed over the next 12 months. As of December 31, 2017, Amtech had approximately 14.9
million shares of common stock outstanding.
Under the program, shares may be repurchased from time to time
in open market transactions at prevailing market prices, in
privately negotiated transactions, or by other means in accordance
with federal securities laws. The actual timing, number, and value
of shares repurchased under the program will be determined by
management in its sole discretion and will depend on a variety of
factors, such as the market price of Amtech's stock, corporate and
regulatory requirements, alternative investment opportunities, and
general market and economic conditions. Repurchases under the
program will be funded from available working capital. The program
may be commenced, suspended or terminated at any time at
management's discretion and without prior notice.
Fokko Pentinga, President and
Chief Executive Officer of Amtech, commented, "At current price
levels, we believe Amtech's common stock represents an investment
opportunity for the Company. We believe we can continue to invest
in the initiatives that are key to our future success as well as
enhance the value of our Company by repurchasing common stock under
this program."
About Amtech Systems, Inc.
Amtech Systems, Inc. is a
global supplier of advanced thermal processing equipment to the
solar, semiconductor / electronics, and LED manufacturing markets.
Amtech's equipment includes diffusion, ALD and PECVD systems and
solder reflow systems. Amtech also supplies wafer handling
automation and polishing equipment and related consumable products.
The Company's wafer handling, thermal processing and consumable
products currently address the diffusion, oxidation, and deposition
steps used in the fabrication of solar cells, LEDs, semiconductors,
MEMS, printed circuit boards, semiconductor packaging, and the
polishing of newly sliced sapphire and silicon wafers. Amtech's
products are recognized under the leading brand names Tempress
SystemsTM, Bruce TechnologiesTM, PR
HoffmanTM, R2D AutomationTM, SoLayTec, and
BTU International.
Cautionary Note Regarding Forward-Looking
Statements
Certain information contained in this press
release is forward-looking in nature. All statements in this press
release, or made by management of Amtech Systems, Inc. and its
subsidiaries ("Amtech"), other than statements of historical fact,
are hereby identified as "forward-looking statements" (as such term
is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). In some cases, forward-looking statements can be
identified by terminology such as "may," "will," "should," "would,"
"expects," "plans," "anticipates," "intends," "believes,"
"estimates," "predicts," "potential," "continue," or the negative
of these terms or other comparable terminology or our management
are intended to identify such forward-looking statements.
Examples of forward-looking statements include statements regarding
Amtech's future financial results, operating results, business
strategies, projected costs, products under development,
competitive positions, and plans and objectives of Amtech and its
management for future operations. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. The Form 10-K, as
amended, that Amtech filed with the Securities and Exchange
Commission (the "SEC") for the year-ended September 30, 2016,
listed various important factors that could affect the company's
future operating results and financial condition and could cause
actual results to differ materially from historical results and
expectations based on forward-looking statements made in this
document or elsewhere by Amtech or on its behalf. These
factors can be found under the heading "Risk Factors" in the Form
10-K and investors should refer to them. Because it is not
possible to predict or identify all such factors, any such list
cannot be considered a complete set of all potential risks or
uncertainties. Except as required by law, we undertake no
obligation to publicly update forward-looking statements, whether
as a result of new information, future events, or otherwise.
Contacts:
Amtech Systems,
Inc.
Robert T.
Hass
Chief Financial
Officer
(480)
967-5146
irelations@Amtechsystems.com
|
Christensen
Investor
Relations
Patty
Bruner
(480)
201-6075
pbruner@christensenir.com
|
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SOURCE Amtech Systems, Inc.