IRVINE, Calif., Nov. 4, 2013 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP) today announced that it has signed a $14 million agreement with an OEM customer for the collaborative development of opto-mechanical subsystems for a next-generation semiconductor equipment application. Under the agreement, Newport will design the subsystems in collaboration with the customer and will manufacture prototypes and related equipment. The development program has already commenced and the company expects to deliver the first prototype units in mid-2014.
Commenting on the agreement, Robert J. Phillippy, Newport's President and Chief Executive Officer, stated, "We are very excited about this new program, which illustrates the unique value proposition Newport provides by leveraging our expertise and breadth of technology in optics, photonics and lasers to develop and manufacture highly engineered solutions for our customers' most demanding applications."
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, life and health sciences, industrial manufacturing and defense and security markets. Newport's innovative solutions leverage its expertise in advanced photonics, optics, and laser technologies, to enhance the performance and productivity of its customers' manufacturing, engineering and research applications. Newport is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index.
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SAFE HARBOR STATEMENT
This news release contains forward-looking statements, including without limitation statements regarding Newport's activities under the development program and its expectation of delivering prototype units in mid-year 2014. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to, among other things, the strength of business conditions in the industries Newport serves, particularly the semiconductor and defense/security industries; Newport's ability to successfully penetrate and increase sales to its targeted end markets; the levels of private and governmental research funding worldwide; potential order cancellations and push-outs; future economic, competitive and market conditions, including those in Europe and Asia and those related to its strategic markets; whether its products will continue to achieve customer acceptance; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Newport. Certain of these judgments and risks are discussed in more detail in Newport's periodic reports filed with the Securities and Exchange Commission. Although Newport believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Newport or any other person that Newport's objectives or plans will be achieved. Newport undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Newport Corporation