Attention Business Editors:
ATS's Photowatt Technologies begins IPO marketing
TSX: ATA
CAMBRIDGE, ON, Feb. 28 /CNW/ - ATS Automation Tooling Systems Inc. today
announced that its wholly-owned subsidiary, Photowatt Technologies Inc., has
commenced the marketing of an initial public offering of its common shares.
Photowatt Technologies is offering 10,937,500 primary shares of common stock
at a preliminary indicative offering price range of US $15.00 to $17.00 per
share.
BMO Capital Markets and UBS Investment Bank are acting as joint
book-running managers for the initial public offering. The underwriters have
an over-allotment option to purchase up to 1,640,625 additional primary shares
of common stock from Photowatt Technologies at the public offering price.
Other syndicate members in Canada include GMP Securities, Scotia Capital and
Sprott Securities and in the United States, Cowen and Company, GMP Securities
and Sprott Securities.
The offering of these securities is made only by means of a prospectus,
copies of which may be obtained from BMO Capital Markets Distribution Centre,
Attention: Des Raposo, 1 First Canadian Place, B2 Level, Toronto, Ontario,
M5X 1H3 (in Canada), and UBS Securities LLC, Attention: Prospectus Department,
299 Park Avenue, New York, NY, 10171-0026 (in the United States).
A registration
statement relating to these securities has been filed with
the United States Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. A preliminary
prospectus has also been filed with Canadian securities regulators relating
to
the initial public offering of Photowatt Technologies' common shares.
These
documents are available at www.sec.gov and www.sedar.com.
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 Photowatt Technologies Inc.
Photowatt Technologies
is an integrated designer, manufacturer, marketer
and seller of solar modules and installation kits and provides solar power
system design and other value-added services to its customers. Today,
Photowatt operates an integrated manufacturing facility in Lyon, France,
a
module assembly operation in Albuquerque, New Mexico, and has a Spheral
Solar(TM) development facility in Cambridge, Ontario. Its products are
marketed under the Photowatt and Matrix brand names.
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
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
3,500 people at 25 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.
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 a
preliminary indicative offering price. The risks and uncertainties that
may
affect forward-looking statements include, among others; general market
performance; market performance within the solar sector; 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; Photowatt,
Clean
Venture 21 Corporation and Fujipream Corporation not reaching a definitive
agreement on commercially reasonable terms, the failure to obtain any
approvals required as a precondition to entering into such a definitive
agreement, risks involved in successfully developing and commercializing
sphere based solar technology on a cost-effective basis, including whether
or
not technical solutions exist, are available, can be discovered, and are
economically feasible, and potential delays in finding technical 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
Spheral Solar technology and/or refined metallurgical silicon; the risk
that
desired cell efficiencies relating to refined metallurgical grade silicon
technology cannot be achieved 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 Spheral Solar technology being
used
in conversion of silicon for Photowatt International S.A.S.; reversal
of
current silicon supply arrangements, inability to finalize agreements,
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, including silicon powder and fines, 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