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GT Advanced Technologies Acquires Assets of Twin Creeks Technologies

NASHUA, N.H.--(BUSINESS WIRE)--

GT Advanced Technologies Inc. (NASDAQ: GTAT) today announced it has acquired certain capital assets and intellectual property of Twin Creeks Technologies, Inc., a privately owned company that has developed an ion implanter technology that enables the production of lower cost thin substrates with minimal material (kerf) loss. The assets were purchased from Twin Creeks' lenders in a private sale for approximately $10 million and royalties that will be based on future sales.

GT expects that Twin Creeks' unique Hyperion™ ion implanter technology will have broad application in the production of engineered substrates for power semiconductors and thin wafers for solar applications. In addition, GT expects to pursue the development of thin sapphire laminates for use in applications such as cover and touch screen devices. The Hyperion ion implanter has the potential to minimize, or in some cases eliminate, the need for wafering saws, which would significantly lower the cost of production.

The assets acquired by GT relate primarily to the Hyperion ion implanter as well as Twin Creeks' portfolio of approximately 30 granted US patents and over 70 pending US and international patent applications. GT's ion implanter engineering team will be based in Danvers, MA.

“Hyperion's unique ion source and beamline design will enable a wide range of exfoliation applications in markets where thin silicon, silicon carbide, sapphire, germanium and other crystalline material substrates can enable breakthroughs in performance and cost," said Vikram Singh, executive vice president of advanced systems development. “Hyperion will enable the production of high throughput and optimum thickness substrates that can not be achieved with other ion implant technologies."

“The acquisition of these assets from Twin Creeks, coupled with our operational expertise and proven ability to commercialize innovative technology will allow us to develop a new line of products that can deliver advancements in performance and value in the core markets we serve today as well as new markets that we have identified. We are particularly excited about the potential applications in the cover and touch screen markets,” said Tom Gutierrez, president and chief executive officer of GT. “This continues GT's strategic diversification into new and promising markets with technology that delivers superior value to customers over existing products currently available.”

GT expects to start the commercialization of this technology in late 2014.

The company will provide additional commentary on this technology during its webcasted presentation at the UBS Global Technology Conference tomorrow, November 15th at 10:00 am ET. The presentation will be webcast on a live and archived basis and can be accessed in the ‘Events and Presentations' section of GT's Investor Relations website at http://investor.gtat.com.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Forward-Looking Statements

Certain of the information in this press release relate to the Company's future expectations, plans and prospects for its 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, including but not limited to: the Hyperion™ Ion Implanter technology produces thin substrates for applications in several emerging markets with high growth potential; the Company expects that the Hyperion™ ion implanter technology will have broad application in the production of engineered substrates for power semiconductors and thin wafers for solar applications; the Company expects to pursue the development of thin sapphire laminates for use in applications such as cover and touch screen devices; the Hyperion ion implanter has the potential to minimize, or in some cases eliminate, the need for wafering saws, which would significantly lower the cost of production; Hyperion's ion source and beamline design will enable a wide range of exfoliation applications in markets where thin silicon, silicon carbide, sapphire, germanium and other crystalline material substrates can enable breakthroughs in performance and cost; Hyperion will enable the production of high throughput and optimum thickness substrates that cannot be achieved with other ion implant technologies; he Hyperion technology will allow the Company to develop a new line of products that can deliver advancements in performance and value in the core markets we serve today as well as new markets that we have identified; expectation that there will be potential applications in the cover and touch screen markets; and GT expects to start the commercialization of this technology in late 2014.. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of continued decreased demand and/or excess capacity in the markets for the output of our solar and sapphire equipment, general economic conditions and the tightening credit market having an adverse impact on demand for the Company's products, the possibility that changes in government incentives may reduce demand for solar products, which would, in turn, reduce demand for our equipment, technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the company's quarterly report on Form 10-Q for the fiscal quarter ended September 29, 2012. 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.

GT Advanced Technologies
Media
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtat.com
or
Investors/Analysts
Ryan Blair, 603-681-3869
ryan.blair@gtat.com

 

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