SAN JOSE, Calif.--(BUSINESS WIRE)--
Ultratech, Inc. (Nasdaq:UTEK) a leading supplier of lithography,
laser-processing and inspection systems used to manufacture
semiconductor devices and high-brightness LEDs (HB-LEDs), today
announced today that it intends to adopt a plan to repurchase its stock
under Rule 10b5-1 under the Securities Exchange Act of 1934. Rule 10b5-1
allows companies to repurchase shares at times when it might otherwise
be prevented from doing so by securities laws or because of self-imposed
trading blackout periods. Ultratech may also make repurchases through
open market purchases, block trades, privately negotiated transactions
and/or derivative transactions. Repurchases will be made subject to
market conditions and management's ongoing determination that it is the
best use of available cash. The Company expects to use cash on hand to
fund any repurchases.
The shares to be repurchased under this 10b5-1 plan would be part of the
stock repurchase program authorized by the Ultratech Board of Directors
on October 28, 2014, under which $60 million worth of shares remain to
Repurchases made under the plan are subject to the Securities and
Exchange Commission's regulations as well as certain price, market,
volume, and timing constraints specified in the plan. Since repurchases
under the plan are subject to certain constraints, there is no guarantee
as to the exact number of shares that will be repurchased under the
plan. Ultratech expects to use cash on hand to fund any repurchases.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "We
are today reinforcing our commitment to utilize our strong cash position
to return capital to investors and build long-term shareholder value."
About Ultratech: Ultratech, Inc. (Nasdaq: UTEK) designs, builds
and markets manufacturing systems for the global technology industry.
Founded in 1979, Ultratech serves three core markets: front-end
semiconductor, back-end semiconductor, and nanotechnology. The company
is the leading supplier of lithography products for bump packaging of
integrated circuits and high-brightness LEDs. Ultratech is also the
market leader and pioneer of laser spike anneal technology for the
production of advanced semiconductor devices. In addition the company
offers solutions leveraging its proprietary coherent gradient sensing
(CGS) technology to the semiconductor wafer inspection market, and
provides atomic layer deposition (ALD) tools to leading research
organizations, including academic and industrial institutions. Visit
Ultratech online at: www.ultratech.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160720005244/en/
Bruce R. Wright, 408-321-8835
Vice President and CFO
Investor Relations Agency:
Suzanne Schmidt, 415-217-4962
Source: Ultratech, Inc.
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