Industry Veteran with Track Record of Growth and Value Creation to Focus Immediately on Delivering Financial Improvement and Enhancing Shareholder ValueCompany Strengthens Core Product Line with Acquisition of Optical Metrology ProviderMIDDLEFIELD, Conn., Jan 19, 2010 (BUSINESS WIRE) -- Zygo Corporation ("ZYGO") (NASDAQ: ZIGO) today announced that Chris
Koliopoulos, former President and CEO of ADE Corporation, has been
appointed President and Chief Executive Officer, effective immediately.
With the commencement of his employment, Dr. Koliopoulos has also become
a member of the Board of Directors of Zygo Corporation. Dr. Koliopoulos
succeeds J. Bruce Robinson, who announced in October his planned
retirement as Chief Executive Officer, and from the Board.
Dr. Koliopoulos has a strong track record of delivering growth and
increasing value at advanced optical instruments companies and a deep
understanding of ZYGO's core markets gained through 20 years of
executive leadership experience in the industry. He served as President
and CEO of ADE Corporation, a publicly-traded metrology equipment
supplier utilizing interferometric and capacitance measurement
technology, from 2002 until the company's acquisition by KLA-Tencor in
2006. During this period, ADE's revenue grew from $75 million to $160
million, gross margins rose from 39 percent to over 56 percent, cash
from operations increased from $14.7 million to over $100 million, and
the company's stock price rose from a low of $2.25 per share to $32.50
per share.
Considered a leading expert in optical interferometry, Dr. Koliopoulos
has a keen understanding of all aspects of a technology business, having
founded and led two successful optical metrology businesses, WYKO
Corporation and Phase Shift Technology, and served as President of ADE
Phase Shift after Phase Shift was acquired by ADE in 1998. He has also
served on the faculty at the University of Arizona's Optical Sciences
Center and has a B.S. in optics from the Institute of Optics at the
University of Rochester and M.S. and Ph.D. degrees from the University
of Arizona.
"Chris Koliopoulos is an ideal CEO for ZYGO," stated Dr. Bruce W.
Worster, Chairman of the Board of ZYGO. "His career reflects strong
leadership and success in the corporate world, entrepreneurship and
academia. He is widely regarded as an industry luminary, with his
extensive experience in optical systems and proven ability to manage
businesses in this space and drive shareholder value. We look forward to
the many contributions that he can bring to ZYGO. On behalf of the
Board, I would like to reiterate our thanks to Bruce Robinson for his
leadership of ZYGO over the past ten years. Bruce Robinson's drive and
dedication to ZYGO have been instrumental in enabling ZYGO to retain its
leadership position in optics and optical metrology during a period of
rapid change in the industry. We wish him all the best in the future."
"I am excited to be joining ZYGO at this time," said Dr Koliopoulos.
"I've spent much of my career competing with ZYGO; it feels great to now
be working with this optics powerhouse. The Company has a strong market
position, backed by its impressive advanced technologies, industry
expertise and talented team of employees. With the Company's recent
cost-cutting initiatives and focus on core markets and technologies, a
strong foundation has been established going forward, and I plan to move
quickly to serve our customers, shareholders and partners, delivering on
the great potential of this business."
Zemetrics Acquisition
In addition, ZYGO has entered into an agreement to acquire Zemetrics,
Inc., an Arizona-based manufacturer of optical metrology systems with 14
employees. Dr. Koliopoulos was an early investor in Zemetrics in 2007
and he has served as a director and advisor to the company since then.
Zemetrics released its first high-end product, the ZeMapper Optical
Surface Profilometer, in early 2009. With this acquisition, ZYGO will
further enhance its optical surface measurement product line and
technology, offering customers a wider range of capabilities.
Dr. Worster concluded: "Today's announcement represents the successful
completion of a CEO search begun last October. Moreover, the acquisition
of Zemetrics, which has recently introduced an advanced product in the
optical instrumentation market, further strengthens our offering in our
core markets, which is a strategic focus of ZYGO. The Board has also
retained Foros Securities LLC as its financial advisor and Fulbright &
Jaworski LLP, the Company's long-standing outside legal advisor, to
assist in evaluating the unsolicited proposal from II-VI Incorporated in
the context of ZYGO's current strategic plans to increase shareholder
value."
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. To learn more about Zygo Corporation,
visit the Company's web site at http://www.zygo.com.
IMPORTANT INFORMATION
This communication may be deemed to be solicitation material in respect
of ZYGO's solicitation of proxies in connection with its Annual Meeting
of Stockholders scheduled to be held on February 10, 2010. In connection
with the solicitation of proxies, ZYGO filed with the U.S. Securities
and Exchange Commission (the "SEC") a definitive proxy statement and
other relevant documents concerning the proposals to be presented at the
Annual Meeting of Stockholders.
ZYGO also intends to file additional definitive proxy materials with the
SEC containing information with respect to the addition of Dr. Chris
Koliopoulos to the slate of nominees being proposed for election at the
Annual Meeting of Stockholders. Stockholders are advised to read the
additional definitive proxy materials as well as the definitive proxy
statement, previously mailed or delivered by internet delivery to
stockholders, and other documents related to the solicitation of proxies
from stockholders of ZYGO for use at the Annual Meeting of Stockholders,
because they will contain important information. Additional definitive
proxy materials and a form of proxy will be mailed or delivered by
internet delivery to ZYGO's stockholders and will be available, along
with other relevant documents, at no charge, at the SEC's website at http://www.sec.gov
and at http://www.proxyvote.com.
ZYGO and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from ZYGO stockholders.
Certain information regarding the participants and their interests in
the solicitation will be set forth in the additional definitive proxy
materials and the definitive proxy materials for ZYGO's Annual Meeting
of Stockholders, which will be available free of charge from the SEC at
its website as indicated above.
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; risks related to the acquisition of Zemetrics and
integration of the business and employees; 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 two Form 10-K/A filings, 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.
SOURCE: Zygo Corporation
Sard Verbinnen & Co
Chris Kittredge/Meghan Stafford, 212-687-8080
