ATS announces updated Photowatt Technologies' filings
TSX: ATA
CAMBRIDGE, ON, Jan. 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 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 in any province or territory in 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 3,600 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; Photowatt, Clean Venture 21 Corporation
and Fujipream Corporation not being able to reach 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
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 Spheral Solar 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, 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.
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For further information: Carl Galloway, Vice President and Treasurer; Gerry Beard, Vice President and Chief Financial Officer, (519) 653-6500