|ZYGO CORPORATION ANNOUNCES NEW EUROPEAN JOINT VENTURE|
MIDDLEFIELD, CONNECTICUT (October 11, 1999)......Zygo Corporation (NASDAQ:ZIGO) today announced it has reached an agreement in principal with LOT-Oriel GmbH & Co. KG to establish a European joint venture. ZYGO will own a majority interest in this new company, called ZygoLOT GmbH. Completion of the creation of the joint venture is contingent on finalizing definitive documentation.
LOT-Oriel, located in Darmstadt, Germany, is a PanEuropean distributor of high technology equipment for metrology in industry and R&D laboratories with its own subsidiaries and joint ventures in all major European countries. Zygo Corporation and LOT-Oriel have been working together since 1976 with LOT-Oriel presently serving as ZYGO's distributor within the main markets of Europe.
ZygoLOT GmbH will be located in Darmstadt, Germany, and will provide marketing sales and service for ZYGO products in Europe. This joint venture will also work with Syncotec GmbH of Asslar, Germany, which is a unit of ZYGO. Syncotec GmbH manufactures special mechanical/optical handling and inspection systems for the semiconductor industry.
Commenting on the formation of ZygoLOT GmbH, Bruce Robinson, president and chief operating officer of ZYGO, said, "We are very pleased to add ZygoLOT to our corporate family. The integration of LOT's marketing, sales, and service capabilities will provide us with greater resources to further increase our market share in Europe with a better focused sales force. Our joint strategy combines the marketing and service resources of LOT with the products and engineering of ZYGO in order to serve our customers in a strong market environment." Klaus Hilger, managing director of LOT-Oriel GmbH & Co. KG, commented, "We expect both companies will benefit from the synergistic effects of the joint venture. ZygoLOT will have unlimited access to all of ZYGO's new product technology and with the use of LOT's successful marketing and service capabilities should be able to provide the best possible solution for customers within Europe. We are convinced that this will be a powerful cooperation. We are looking forward to the positive results this joint venture is expected to create."
Zygo Corporation designs, develops, manufactures, and markets high performance measurement and yield improvement instruments, 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 in Newbury Park, Sunnyvale, and Simi Valley, California.
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.