SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (Nasdaq:IVAC), a leading supplier of thin-film processing
systems, today announced an INTEVAC VERTEXTM system order
from a new Tier-1 customer. The system will incorporate Intevac's oDLCTM
(optical diamond-like carbon) enhanced scratch protection film, which
has multiple applications for protective cover glass. Scheduled to ship
during the fourth quarter, the company expects to recognize revenue on
the system in the first half of 2017.
"We are pleased to announce this new VERTEX system order," commented
Wendell Blonigan, president and chief executive officer of Intevac. "Our
proprietary oDLC solution is a new application garnering increasing
market interest, demonstrated by the capacity order announced in June
and this new customer order announced today."
About INTEVAC VERTEXTM
INTEVAC VERTEXTM is a vertical in-line Physical Vapor
Deposition (PVD) system optimized to apply thin-film coatings onto small
substrates. VERTEX utilizes a modular design to minimize factory floor
footprint while protecting operator investment with future process
scalability. Designed for volume manufacturing and employing Intevac's
high target utilization technology, VERTEX addresses high-volume markets
such as Consumer Electronics and Automotive which require low total Cost
of Ownership (CoO).
Intevac was founded in 1991 and has two businesses: Thin-film Equipment
In our Thin-film Equipment business, we are a leader in the design and
development of high-productivity, thin-film processing systems. Our
production-proven platforms are designed for high-volume manufacturing
of substrates with precise thin film properties, such as the hard drive
media, display cover panel, and solar photovoltaic markets we serve
In our Photonics business, we are a recognized leading developer of
advanced high-sensitivity digital sensors, cameras and systems that
primarily serve the defense industry. We are the provider of integrated
digital imaging systems for most U.S. military night vision programs.
For more information, call 408-986-9888 or visit the Company's website
INTEVAC VERTEXTM and oDLCTM are trademarks
of Intevac, Inc.
This press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Reform Act"). Intevac claims the protection of
the safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterized by the
terms "may," "believes," "projects," "expects," or "anticipates," and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to; the
timing of the VERTEX shipment and revenue recognition. The
forward-looking statements contained herein involve risks and
uncertainties that could cause actual results to differ materially from
the company's expectations. These risks include, but are not limited to:
the failure to meet planned shipment and customer acceptance dates,
which could have a material impact on our business, our financial
results, and the company's stock price. These risks and other factors
are detailed in the Company's periodic filings with the U.S. Securities
and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101005379/en/
James Moniz, 408-986-9888
Chief Financial Officer
Source: Intevac, Inc.
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