MERRIMACK, N.H., May 5, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies (Nasdaq: GTAT ) today announced that it will be making its next generation ASF®165 sapphire growth furnace, for the production of high volume and high quality sapphire material, commercially available in Q3'14.
The new system will deliver a 40% increase in boule size when compared to the ASF115, extending GT's leadership as a provider of low cost high quality sapphire production tools. The ASF165 is expected to be the only commercially available sapphire production furnace capable of producing high quality 165 kilogram boules in high volume.
The product is currently in the beta testing stage and is expected to be ready for volume shipments beginning in Q3 2014. Customers with installed ASF units, or those who opt to take delivery of new ASFs out of backlog prior to the general availability of the ASF165, will be able to upgrade to the larger capacity system when they become available. ASF165 units will also be available to new customers targeting the LED and industrial markets.
"The ASF165 gives customers a competitive advantage and lower cost of ownership by providing a sapphire furnace that significantly increases capacity and reduces cost," said Tom Gutierrez, GT's president and CEO. "Several industry analysts are forecasting an increase in demand for sapphire material and we believe that ASF customers who take advantage of the larger capacity ASF165 will be well positioned to serve this anticipated demand."
The company indicated that it has developed more advanced ASF technology capable of producing boules significantly greater than 165 kg. The company intends to keep this more advanced ASF system captive for some extended period of time.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com .
Forward-Looking Statements
Certain of the information in this press release relates to the Company's future expectations, plans, products and prospects for its business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: the next generation ASF®165 sapphire growth furnace will be commercially available in the third quarter of 2014; ASF®165 sapphire growth furnace will be capable of delivering a 40% increase in boule size when compared to the ASF115, and as a result will extend the Company's leadership as a provider of low cost high quality sapphire production tools; t he ASF165 is expected to be the only commercially available sapphire production furnace capable of producing high quality 165 kilogram boules in high volume ; t he ASF165 is expected to be ready for volume shipments beginning in Q3 2014; certain customers will be able to upgrade to the larger capacity system when they become available and new ASF165 units will also be available to new customers targeting the LED and industrial markets; the ASF165 will give customers a competitive advantage and lower cost of ownership by providing a sapphire furnace that significantly increases capacity and reduces cost; forecasts regarding an increase in demand for sapphire material and ASF customers with the larger capacity ASF165 will be well positioned to serve this anticipated demand; the Company's ability to successfully complete the development of the ASF165 sapphire production furnace; t he Company intends to keep its more advanced ASF system captive for some extended period of time and the Company's ability to recognize revenue from customer contracts currently in backlog. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include: the Company being able to commercialize its technology under development (including the ASF165); the markets for our products will meet projected forecasts; the equipment being sold by the Company is accepted by our customers and the market generally; the Company's products perform as expected; Company's ability to transition its business to being a sapphire material and equipment provider; the Company complying with the provisions of its arrangements with its customers and lenders; the Company's ability to complete development of and commercialize any new products; the impact of continued decreased demand and/or excess capacity in the markets for the output of the Company's equipment; general economic conditions and the tightening credit markets having an adverse impact on demand for the Company's products; limited sales of PV, sapphire and other equipment products; the possibility that changes in government incentives may reduce demand for polysilicon and solar products, which would, in turn, reduce demand for our equipment; technological changes could render existing or proposed products or technologies obsolete or less attractive to customers; the Company may be unable to protect its intellectual property rights; competition from other manufacturers may increase; exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Media Jeff Nestel-Patt 603-204-2883 Investors/Analysts Ryan Flaim 603-681-3869
