MERRIMACK, N.H., Feb. 19, 2015 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc., (OTC:GTATQ), today announced that it has received a new order with an existing customer in Asia for equipment used in the production of Trichlorosilane (TCS) as part of the Hydrochlorination process. The order incorporates the sale of multiple, advanced heating systems that increase the conversion of TCS in the Hydrochlorination Fluid Bed Reactor by as much as 10% over traditional conversion rates.
"We are pleased to have the opportunity to provide our customers with upgrades to their existing facilities as we continue to develop the next generation of higher efficiency TCS production equipment," said Dave Keck, vice president and general manager of GT's solar business. "Producers must operate their plants at the highest levels of productivity and efficiency to remain profitable. Our suite of polysilicon production equipment and technology enables customers to produce silicon at one of the lowest costs in the industry, which strengthens their competitive advantage."
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Some of the information in this press release relates to future expectations, plans and prospects for the Company's business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to the following: the Company and the customer in Asia will satisfy all the conditions set forth in the contract necessary to complete all of the terms of the contract and to allow the Company to recognize revenue on this contract; the Company will be able to deliver the equipment under this contract to the customer and such equipment will operate in accordance with specification; the Company's advanced heating systems (including those delivered pursuant to this contract) will increase the conversion of TCS in the Hydrochlorination Fluid Bed Reactor by as much as 10% over traditional conversion rates; the Company will continue to develop the next generation of higher efficiency TCS production equipment; producers must operate their plants at the highest levels of productivity and efficiency to remain profitable; and the Company's suite of polysilicon production equipment and technology enables customers to produce silicon at one of the lowest costs in the industry. These forward-looking statements are not a guarantee of performance and these statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from our current expectations (and the Company's ability to complete the contract and/or recognize revenue from the contract and its business and financial prospects may be negatively impacted by certain factors, including the Company's Chapter 11 filings and its ability to comply with agreements with other parties (including Apple Inc.). Statements of management's expectations, including its ability to successfully complete the contract, to successfully restructure, to address its financial challenges, obtain debtor-in-possession financing, the ability to address important issues in an orderly way and to make the Company stronger and more competitive are based on current assumptions and expectations. No assurance can be made that these events will come to fruition. Factors that could affect our results include, but are not limited to: (i) market demand for the Company's equipment tools (including polysilicon equipment and ASFs), (ii) the ability of the Company and its subsidiaries to continue as a going concern, (iii) the ability of the Company to obtain debtor-in-possession financing in adequate amounts; (iv) the ability of the Company and its subsidiaries to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, (v) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, and (vi) the effects of the bankruptcy filing on the Company and its subsidiaries and the interests of various creditors, equity holders and other constituents. Other factors that may cause actual events to differ materially from those expressed or implied by the forward-looking statements and various other risks are outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including (but not limited to) the statements under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014 and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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