|ZYGO CORPORATION ANNOUNCES MAJOR INITIATIVES TO STIMULATE GROWTH|
MIDDLEFIELD, CONNECTICUT (March 15, 1999)......Zygo Corporation (NASDAQ:ZIGO) ZYGO's chairman and CEO, Gary K. Willis, and its president and COO, J. Bruce Robinson, announced certain major initiatives today. These initiatives are intended to revitalize the Company and provide the infrastructure needed for substantial profitable growth in the future. Mr. Robinson commented, "During my introduction to ZYGO's various domestic operations, it was apparent that the Company had positioned itself exceedingly well in terms of products and technology for the semiconductor and data storage markets, as well as having made significant advancements in noncontacting measurement technology for the industrial market. This positioning, when combined with the obvious technical talent available within the ZYGO organization and the growing need for high precision measurement-based yield improvement systems on the production floor, provides a very solid platform for the future. Now it is time to build upon this base, transition ourselves into a sharply market-driven enterprise, and initiate significant top line growth. To this end, several positive initiatives are being announced."
In the Far East, ZYGO Singapore Pte will be responsible for managing all representatives and agents in the Pacific Rim, excluding Japan. The Company intends to open a sales support office in Taiwan in the near future. Also, ZYGO intends to open a sales support office in Japan in the future to support both its OEM customers and its representatives there.
Mr. Robinson added, "These initiatives should allow us to grow significantly in the next several years. Each region, industry, and product have growth targets developed by our team to help facilitate the realization of this goal."
The Company also noted several positive events which have occurred recently, including:
The Company has committed to a plan, which will enable it to serve its customers more efficiently. A new customer service center providing value-added customer-specific applications engineering, system integration, upgrades, and repairs will be established in Sunnyvale. The present manufacturing operations located in Sunnyvale will be relocated to other ZYGO operations or subcontracted. The Company estimates that these actions will cost approximately $2.4 million which will be recorded in the quarter ended March 31, 1999. These actions, which should be completed by June 30, 1999, are expected to save the Company approximately $2.0 million annually beginning in the Company's fiscal year 2000.
Zygo Corporation designs, develops, manufactures, and markets high performance measurement and yield improvement instruments, custom automation systems, and accessories used in high technology industries. The Company is headquartered in Middlefield, Connecticut, and also has operations in Asslar, Germany; Longmont, Colorado; and sales offices throughout the world. ZYGO is traded on the Nasdaq National Market under the symbol ZIGO. Additional information on the Company is available on the Internet at www.zygo.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors which could cause actual results to differ materially are described in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.
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