ATS announces updated Photowatt Technologies' filings
TSX: ATA
CAMBRIDGE, ON, Dec.
11 /CNW/ - ATS Automation Tooling Systems Inc. today announced that its
subsidiary, Photowatt Technologies Inc., has filed an amended registration
statement with the United States Securities and Exchange Commission and
intends to file an amended preliminary prospectus with Canadian securities
regulators relating to the initial public offering of Photowatt Technologies'
common shares. The amendments include, among other things, the inclusion
of the financial results of Photowatt Technologies for the six months
ended September 30, 2006.
The amended registration statement has been filed but is not yet effective.
The amended preliminary prospectus, when filed, will not become final
for the purposes of a distribution to the public in Canada. Consequently,
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 amended registration statement
becomes effective in the United States and a receipt for the final prospectus
or other authorization is obtained from Canadian provincial and territorial
securities commissions.
When available, copies of the U.S. preliminary prospectus and the Canadian
amended 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. BMO
Capital Markets and UBS Investment Bank are joint book-running managers
for the initial public offering.
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.
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 3,700 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.
Visit the Company's website at www.atsautomation.com.
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, the availability of an alternative transaction,
or due to any other reason, including any of the risk factors set out
herein; 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.
%SEDAR: 00002017E
For further information: Carl Galloway, Vice President and Treasurer, Gerry Beard, Vice President and Chief Financial Officer, (519) 653-6500