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Axcelis Technologies, Inc.
Axcelis Technologies Board of Directors Determines Revised Unsolicited Proposal by Sumitomo Heavy Industries Undervalues Axcelis and is Not in the Best Interests of Axcelis and Its Shareholders
BEVERLY, Mass., March 17, 2008 (PRIME NEWSWIRE) -- Axcelis Technologies, Inc.(Nasdaq:ACLS) today reported that its Board of Directors has unanimously rejected the unsolicited proposal by Sumitomo Heavy Industries, Ltd. (SHI) (TSE:6302) and its private equity partner, TPG, to acquire all Axcelis common stock for $6.00 per share. The Axcelis Board, after carefully evaluating the offer with its financial and legal advisors, determined the proposal undervalues Axcelis and is not in the best interests of Axcelis and its shareholders. Axcelis' Board is determined to do what is best for the Company and its shareholders and is committed to pursuing all initiatives to achieve this goal and to best position Axcelis to capitalize on its strengths and realize its business potential.