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.
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