ATS reschedules annual meeting to facilitate shareholder approval related to Photowatt IPO
CAMBRIDGE, ON, Aug. 31 /CNW/ - ATS Automation Tooling Systems Inc. today
announced it has received TSX approval to reschedule its annual shareholders
meeting to allow the Company to facilitate the required shareholder approval
related to the initial public offering of Photowatt Technologies Inc.
The meeting, originally scheduled for September 20, 2006, will now be
held no later than November 15, 2006.
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. 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