IRVINE, Calif., Sept. 8, 2011 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP) and Ophir Optronics Ltd. (TASE: OPIR) today provided an update regarding the status of the acquisition of Ophir by Newport. The two companies reported that the shareholders of Ophir have approved the transaction and that all required regulatory approvals have been received. The acquisition is expected to close in early October 2011, subject to satisfaction of the remaining closing conditions, as set forth in the Merger Agreement.
Robert J. Phillippy, Newport's President and Chief Executive Officer, said, "We are pleased that we are making excellent progress toward closing this transaction, and we are very excited to have Ophir join the Newport team."
ABOUT NEWPORT CORPORATION
Newport Corporation (www.newport.com) is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets. Newport's innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems and precision automation, to enhance the capabilities 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.
ABOUT OPHIR OPTRONICS
Ophir Optronics (www.ophiropt.com) develops, manufactures and markets electro-optic systems, photonics instrumentation and 3D noncontact measurement systems. Ophir is a global company with six manufacturing facilities around the world, three in Israel and three in the U.S., with its worldwide sales and marketing network encompassing seven subsidiaries in Israel, the U.S., Japan, and Europe and more than 100 distributors and agents that are spread over more than 30 countries.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements within the meaning of the Private Securities Litigation reform Act of 1995, including without limitation statements regarding the expected timing of closing the transaction. 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 are inherently speculative and involve judgments and risks with respect to a number of matters that are difficult or impossible to predict accurately and many of which are beyond the control of Newport and Ophir. Certain of these judgments and the types of risks that may impact future results or circumstances are discussed in more detail in Newport's Form 10-K for the year ended January 1, 2011 and in Ophir's Annual Report filed with the Israeli Securities Authority for the year ended December 31, 2010. Although Newport believes that the assumptions underlying the forward-looking statements in this press release are reasonable, any of the assumptions could prove inaccurate, and future events and results may differ materially from current projections or expectations as described in this press release. Therefore, there can be no assurance that the results contemplated in the 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 results set forth in such forward-looking statements will be achieved. Newport also 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, except to the extent expressly required by applicable law.
SOURCE Newport Corporation