ATS announces update on Photowatt Technologies' IPO
TSX: ATA
CAMBRIDGE, ON, March 16 /CNW/ - ATS Automation Tooling Systems Inc.
announced today that the marketing period for the initial public offering of
common shares of Photowatt Technologies Inc. has been extended following
consultation with BMO Capital Markets and UBS Investment Bank, joint
book-running managers for the offering. 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 for this offering has been filed with the United
States Securities and Exchange Commission and has been declared effective. A
preliminary prospectus has also been filed with Canadian securities regulators
relating to the initial public offering of Photowatt Technologies' common
shares.
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, in any state, province or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the 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. 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.
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 Photowatt Technologies, or
developments in ATS's or Photowatt Technologies' businesses or in their
industries, 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 and Photowatt
Technologies caution 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; 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 and Photowatt Technologies' 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 and Photowatt Technologies' 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 ATS's and Photowatt Technologies' management teams' current plans,
estimates, projections, beliefs and opinions, and neither ATS nor Photowatt
Technologies undertakes 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