ATS announces filing of Photowatt Technologies Inc. registration statement and preliminary prospectus
CAMBRIDGE, ON, Aug. 31 /CNW/ - ATS Automation Tooling Systems Inc.
announced today that its newly-formed subsidiary Photowatt Technologies Inc.
has filed a registration statement with the United States Securities and
Exchange Commission and a preliminary prospectus with Canadian securities
regulators relating to its initial public offering of common shares. ATS will
transfer its solar business to Photowatt Technologies Inc. upon the successful
completion of this offering.
BMO Capital Markets and UBS Investment Bank are joint book-running
managers for the initial public offering by Photowatt Technologies Inc.
A registration statement relating to the common shares has been filed
with the U.S. Securities and Exchange Commission but has not yet become
effective. A preliminary prospectus has also been filed with Canadian
provincial and territorial securities commissions but has not yet become final
for the purposes of a distribution to the public in Canada.
These securities may not be sold in the United States or in any province
or territory of Canada nor may offers to buy be accepted in the United States
or Canada prior to the time the registration statement becomes effective in
the United States and a receipt for the final prospectus or other
authorization is obtained from the Canadian provincial and territorial
securities commissions.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities or any acceptance of an offer to buy these securities in any state,
province or other jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to their registration or qualification under the
securities laws of any such state, province or jurisdiction.
When available, copies of the U.S. preliminary prospectus and the
Canadian preliminary prospectus may be obtained from BMO Capital Markets
Distribution Centre, Attention: Des Raposo, 1 First Canadian Place, B2 Level,
Toronto, Ontario, M5X 1H3 or from UBS Securities LLC, Attention: Prospectus
Department, 299 Park Avenue, New York, NY, 10171-0026.
About ATS
ATS Automation Tooling Systems Inc. provides innovative, custom designed,
built and installed manufacturing solutions to many of the world's most
successful companies. Founded in 1978, ATS uses its industry-leading knowledge
and global capabilities to serve the sophisticated automation systems' needs
of multinational customers in healthcare, computer/electronics, automotive and
consumer products. Through its solar business, ATS participates in the
rapidly-growing solar energy industry. It also leverages its many years of
repetitive manufacturing experience and skills to produce, in high volume,
precision components and subassemblies and to answer the specialized
repetitive equipment manufacturing requirements of customers. ATS employs
approximately 3,800 people at 26 manufacturing facilities in Canada, the
United States, Europe, southeast Asia and China. The Company's shares are
traded on the Toronto Stock Exchange under the symbol ATA.
Note to Readers
This press release contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of ATS, or developments in ATS's business
or in its industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action.
Forward-looking statements may also include, without limitation, any statement
relating to future events, conditions or circumstances. ATS cautions you not
to place undue reliance upon any such forward-looking statements, which speak
only as of the date they are made. Forward-looking statements relate to, among
other things, an initial public offering by Photowatt Technologies Inc. and
its possible success; and the transfer by ATS of its solar business to
Photowatt Technologies Inc. The risks and uncertainties that may affect
forward-looking statements include, among others; general market performance;
delays in or abandonment of pursuit of an initial public offering for
Photowatt Technologies Inc. due to a change in market conditions or the
availability of an alternative transaction; performance of ATS's solar
business; ATS's ability to overcome process challenges currently facing
Spheral Solar technology ("SSP") and any new issues that may arise, and
whether or not process solutions exist, are available, or can be discovered,
and potential delays in finding process solutions; problems with the equipment
used in the optical fused powder ("OFP") process; unforeseen problems with
Photowatt France's use of OFP silicon produced by the SSP technology and/or
metallurgical silicon; the risk that efficiencies relating to metallurgical
grade silicon technology cannot be found and/or that the market is unreceptive
to lower efficiency cells and as a result it is not an economically viable
alternative to the use of conventional solar grade silicon; equipment, labour
or other issues that may arise with respect to the SSP technology being used
in conversion of silicon for Photowatt International S.A.S.; reversal of
current silicon supply arrangements, inability to finalize strategic
partnerships or alliances to provide for silicon supply and other problems
that may be encountered with silicon supply sources; potential for silicon
prices to decline in the face of long term silicon supply arrangements;
ability to achieve lower silicon usage relative to conventional solar
technology; possibility that selling price increases and improvements in
production efficiencies will not be obtained and/or, if they are, will not be
sufficient to offset higher silicon costs and shortages; the cost and
availability of silicon and other raw materials and certain specialized
manufacturing tools and fixtures used in the production of the solar business'
products; the successful expansion of production capability and adoption of
new production processes; the extent of market demand for solar products such
as those developed by the solar business; the availability of government
subsidies for solar products, the development of superior or alternative
technologies to those developed by the solar business; and other risks
detailed from time to time in ATS's filings with Canadian provincial
securities regulators, including ATS's Management's Discussion and Analysis,
Consolidated Financial Statements, Annual Report and Annual Information Form
for the fiscal year ended March 31, 2006. Forward-looking statements are based
on management's current plans, estimates, projections, beliefs and opinions,
and ATS does not undertake any obligation to update forward-looking statements
should assumptions related to these plans, estimates, projections, beliefs and
opinions change.
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For further information: Carl Galloway, Vice President and Treasurer, Gerry Beard, Vice President and Chief Financial Officer, (519) 653-6500