MERRIMACK, N.H., Dec. 17, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (OTC Pink:GTATQ) today issued the following statement:
"The position that Apple has taken in response to the release of our October 8th declaration is in line with our expectations, as reflected in paragraph 52 of Dan Squiller's October 28th declaration in support of the Apple Settlement," said Tom Gutierrez, president and chief executive officer.
"Although we have different views on the matter, we believe we have settled our disputes with Apple and see no point in further addressing the circumstances that led to our Chapter 11 filing or our relationship with Apple. Our focus now is on moving the company forward through the bankruptcy process. We remain optimistic that the Bankruptcy Court will approve the Apple Settlement Agreement on November 25th because it is in the best interest of all parties."
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Some of the information in this press release relates to future expectations, plans and prospects for the Company's business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. Forward-looking statements include, but are not limited to the following: the Company will wind down its sapphire materials production in the company's Mesa, AZ and Salem, MA locations; the Company will exit from the market as a producer of sapphire materials and will refocus its business as an equipment supplier, manufacturing and developing sapphire growth systems and processes; the Company will retain control of its intellectual property and will be able to sell its sapphire growth and fabrication technology, including ASF and Hyperion™, without restrictions; the Company and Apple will continue their technical exchange involving the development of processes for growing next generation sapphire boules as the Company continues to build on its successfully deployed ASF115Kg technology and expand its range to above 165Kg; the agreement with Apple will allow the Company to monetize its advanced sapphire growth and fabrication technologies in an unrestricted manner; and the Company expects that there will be additional reductions-in-force implemented in the coming days, which will impact its Salem, MA, Merrimack, NH and select Asia locations. These forward-looking statements are not a guarantee of performance and these statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from our current expectations both in connection with the settlement agreement with Apple, the Chapter 11 filings and the Company's business and financial prospects. Statements of management's expectations, including its ability to successfully restructure, to address its financial challenges, obtain debtor-in-possession financing, the ability to address important issues in an orderly way and to make the Company stronger and more competitive are based on current assumptions and expectations. No assurance can be made that these events will come to fruition. Factors that could affect our results include, but are not limited to: (i) market demand for the Company's equipment tools (including ASFs), (ii) the ability of the Company and its subsidiaries to continue as a going concern, (iii) the ability of the Company to obtain debtor-in-possession financing in adequate amounts; (iv) the ability of the Company and its subsidiaries to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, (v) the ability of the Company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, and (vi) the effects of the bankruptcy filing on the Company and its subsidiaries and the interests of various creditors, equity holders and other constituents. Other factors that may cause actual events to differ materially from those expressed or implied by the forward-looking statements and various other risks are outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014 and the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Source:GT Advanced Technologies