| MIDDLEFIELD, CT, Jan 07, 2010 (MARKETWIRE via COMTEX) -- Zygo Corporation ("ZYGO") (NASDAQ: ZIGO) today announced that its
Board of Directors received from II-VI Incorporated (NASDAQ: IIVI) on
January 5, 2010 an unsolicited proposal to acquire all of the
outstanding shares of common stock of ZYGO for $10.00 per share in
cash or II-VI common stock (subject to a limitation on the aggregate
amount of II-VI common stock). The Board of Directors will engage an
independent financial advisor and evaluate this proposal carefully
and pursue the best course of action to enhance value for ZYGO's
shareholders.
Bruce W. Worster, Chairman of the Board of ZYGO, stated, "The Board
of Directors will evaluate this proposal in the context of ZYGO's
current strategic plans to increase shareholder value. ZYGO is in the
late stages of implementing a substantial reorganization of its
business which we believe will strengthen the company's ability to
concentrate on its core markets and technology, and enhance
shareholder value. The company is continuing to recognize
significant benefits from implementation of its previously announced
cost reduction initiatives and completion of sales and other
strategic arrangements for its non-core business units. In addition,
ZYGO is in the advanced stages of discussions with a dynamic and
industry-experienced CEO candidate and with regard to the
augmentation of its existing product line in a core competency, which
should further increase shareholder value. The Board is optimistic
about ZYGO's future prospects and the shareholder value we expect the
company to deliver through its current strategy," continued Dr.
Worster. In addition, J. Bruce Robinson, Chief Executive Officer of
ZYGO, said, "Our financial results for fiscal 2010 to date include a
number of highlights. Orders have increased quarter on quarter. The
increase in customer bookings across virtually all of our markets is
an indication that the business environment in these markets appears
to be improving, and we anticipate that our margins will continue to
improve. Our balance sheet remains strong."
Zygo Corporation 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.
Forward-Looking Statements
All statements other than statements of historical fact included in
this news release regarding financial performance, condition and
operations, and the business strategy, plans, anticipated sales,
orders, market acceptance, growth rates, market opportunities, 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 of our customers;
fluctuations in net sales to our major customer; manufacturing and
supplier risks; risks of order cancellations, push-outs and
de-bookings; dependence on timing and market acceptance of new
product development; rapid technological and market change; risks in
international operations; risks related to the reorganization of our
business; dependence on proprietary technology and key personnel;
length of the sales cycle; environmental regulations; investment
portfolio returns; fluctuations in our stock price; the risk that
anticipated growth opportunities may be smaller than anticipated or
may not be realized; and the risk related to the Company's transition
to new senior management. Zygo Corporation undertakes no obligation
to publicly update or revise forward-looking statements to reflect
events or circumstances after the date of this news release. Further
information on potential factors that could affect Zygo Corporation's
business is described in our reports on file with the Securities and
Exchange Commission, including our Form 10-K, as amended by our Form
10-K/A, for the fiscal year ended June 30, 2009, filed with the
Securities and Exchange Commission on September 14, 2009, October 26,
2009, and December 23, 2009 respectively.
For Further Information Call:
J. Bruce Robinson
Chief Executive Officer
Voice: 860-704-5109
Email Contact
SOURCE: Zygo Corporation
http://www2.marketwire.com/mw/emailprcntct?id=3FCB76A7841B34B2
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