YAVNE, Israel--(BUSINESS WIRE)--ORBOTECH LTD. (NASDAQ/GSM SYMBOL:ORBK), today announced the receipt of initial purchase orders totaling approximately $10 million by its subsidiary ORBOTECH LT SOLAR, LLC (“OLTS”) for its Aurora PECVD® thin film deposition system from leading solar panel manufacturers. Deliveries on these orders are expected to commence in the first half of 2014, and are subject to customary terms and conditions including product acceptance.
Commenting on this announcement, Dr. Kam Law, Chief Executive Officer of OLTS, said: “Conditions in the solar energy industry appear to be improving. Major suppliers are increasing their production levels and stepping up their capital spending, making this a particularly opportune time to introduce our new deposition tool, the Aurora PECVD®. This product incorporates a highly innovative system design and superior process flexibility, enabling the deposition of multiple high quality films with remarkably low power consumption, and will support our customers in manufacturing high efficiency solar devices at significantly reduced running costs.”
Asher Levy, Chief Executive Officer of Orbotech Ltd., added: “These orders for the Aurora PECVD®, which are expected to culminate in the first recognition of revenue for OLTS, demonstrate the substantial added value which we believe OLTS will be able to provide to major industry suppliers. We also believe these orders mark the beginning of a major additional area of potential business for the Company and that this highly innovative technology will open up further opportunities for the Company in the solar energy industry.”
About OLTS
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/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. 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 (the “SEC”) 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 final outcome and impact of the criminal matter and ongoing investigation in Korea, 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, 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, 2012, 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.