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News Release
December 21, 2004

Multi-Million-Dollar (Second Phase) Development Contract Awarded to Zygo

MIDDLEFIELD, CT, Dec. 21, 2004 (MARKET WIRE via COMTEX) -- Zygo Corporation (NASDAQ: ZIGO) announced today that it has entered into a second-phase development contract with one of its major customers to continue developing leading edge metrology technology. The expected revenues of this contract are estimated to be approximately $25.0 million. ZYGO expects an additional third contract for approximately $14.0 million to be signed next quarter for prototype production tools. Both contracts are expected to be completed by the middle of 2006.

Carl Zanoni, Senior Vice President, Technology, of ZYGO, stated, "The award of these contracts is a tribute not only to ZYGO's leading edge interferometric technology, but also to its world class technical team. Undertaking challenging projects of this nature enhances the level of ZYGO's technology and intellectual property."

Zygo Corporation, headquartered in Middlefield, Connecticut, is a worldwide supplier of optical metrology instruments, precision optics, and electro-optical design and manufacturing services, serving customers in the semiconductor capital equipment and industrial markets. See ZYGO's web site at www.zygo.com for additional information.

All statements other than statements of historical fact included in this news release regarding the Company's financial position, business strategy, plans, anticipated growth rates, and objectives of management of the Company for future operations are forward-looking statements. Forward-looking statements are intended to provide management's current expectations or plans for the future operating and financial performance of the Company based upon information currently available and assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "intend," "plans," "strategy," "project," and other words of similar meaning in connection with a discussion of future operating or financial performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are fluctuations in capital spending in the semiconductor industry, fluctuations in net sales to our major customer, manufacturing and supplier risks, dependence on new product development, rapid technological and market change, international operations, dependence on proprietary technology and key personnel, length of the sales cycle, environmental regulations, and changes in expected costs of discontinued operations. Further information on potential factors that could affect Zygo Corporation's business is described in the Company's reports on file with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended June 30, 2004.

Contact:
Walter A. Shephard
Vice President, Finance, CFO, and Treasurer
860 704 3955

SOURCE: Zygo Corporation



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