Based in Cambridge, Mass., Cambridge was a leader in atomic layer deposition (ALD) solutions with hundreds of system installations in research and manufacturing settings worldwide. Financial terms of the transaction were not disclosed. With this acquisition, Ultratech expands its nanotechnology and intellectual property (IP) portfolio with ALD technology to provide solutions for new layers within the electronics industry and entry into new markets, such as biomedical and energy.
Due to the increasing interest in nanoscience, ALD has emerged as a critical technology for depositing precise nanometer-thin films. Typical applications of ALD require the manufacture of very precise nanometer—thin, pinhole—free and conformal thin films on many shapes and geometries. As a result, this technology will be in high demand in volume manufacturing environments and in particular for micro-electro-mechanical systems (MEMs), implantable devices in the biomedical sector and batteries and fuel cells in the energy arena. ALD is an enabling technology and provides coatings and material features with significant advantages to other existing techniques.
Ultratech Chairman and Chief Executive Officer Arthur W. Zafiropoulo stated, "As a global leader in experimental ALD solutions, Cambridge has developed a portfolio of valuable technology and systems. We plan to integrate the intellectual property acquired from Cambridge Nanotech into Ultratech and include the ALD systems in our nanotechnology product group. By increasing our IP and expanding our nanotechnology portfolio to new levels, we expect to generate a new revenue stream in existing and new markets. We have focused on technology solutions and support our global customer operations. We expect that this acquisition will enhance our short-term as well as our long-term growth expectations."
Certain of the statements contained herein, which are not historical facts and which can generally be identified by words such as "anticipates," "expects," "thinks," "intends," "will," "could," "believes," "poised," "estimates," "continues," and similar expressions, are forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, such as risks related to timing, delays, deferrals and cancellations of orders by customers, including as a result of semiconductor manufacturing capacity as well as our customers' financial condition and demand for semiconductors; demand for consumer devices; industry growth within the company's served markets; continued delivery of financial performance and value; cyclicality in the semiconductor and nanotechnology industries; our dependence on new product introductions and market acceptance of new products and enhanced versions of our existing products; lengthy sales cycles, including the timing of system installations and acceptances; lengthy and costly development cycles for laser-processing and lithography technologies and applications; integration, development and associated expenses of the laser processing operation; general economic and financial market conditions including impact on capital spending, as well as difficulty in predicting changes in such conditions; rapid technological change and the importance of timely product introductions; customer concentration; pricing pressures and product discounts; high degree of industry competition; intellectual property matters; changes in pricing by us, our competitors or suppliers; international sales and operations; timing of new product announcements and releases by us or our competitors; ability to volume produce systems and meet customer requirements; sole or limited sources of supply; effect of capital market fluctuations on our investment portfolio; ability and resulting costs to attract or retain key personnel; dilutive effect of employee stock option grants on net income per share, which is largely dependent upon our achieving and maintaining profitability and the market price of our stock; mix of products sold; outcome of litigation; manufacturing variances and production levels; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; inventory obsolescence; asset impairment; changes to financial accounting standards; effects of certain anti-takeover provisions; future acquisitions; volatility of stock price; foreign government regulations and restrictions; business interruptions due to natural disasters or utility failures; environmental regulations; and any adverse effects of terrorist attacks in the United States or elsewhere, or government responses thereto, or military actions in Iraq, Afghanistan and elsewhere, on the economy, in general, or on our business in particular. Such risks and uncertainties are described in Ultratech's SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2011 and our quarterly report on Form 10-Q for the quarter ended September 29, 2012.
Due to these and additional factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. These forward-looking statements are based on management's current beliefs and expectations, some or all of which may prove to be inaccurate, and which may change. We undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
