GT Advanced Technologies President And CEO Tom Gutierrez Celebrates The Unveiling Of The First Sapphire Boules Produced In HTOT's New Sapphire Manufacturing Facility Located In Guiyang City, China. (Photo: Business Wire)
Business Wire
10/28/11 - 08:00 AM EDT
GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that its
sapphire equipment customer, Haotian Optoelectronics Technology (HTOT),
celebrated the opening of its sapphire production facility with a gala
event on Wednesday, October 26, at HTOT’s new facility located in
Guiyang City, Guizhou Provence, China. The city’s Vice Mayor hosted the
celebration, which included attendance of key provincial and local party
officials as well as HTOT sapphire material customers. Attending on GT’s
behalf were president and CEO Tom Gutierrez, Cheryl Diuguid, the
company’s vice president and general manager of its sapphire material
and equipment business and Jeff Ford, GT’s vice president and general
manager of Asia.
GT Advanced Technologies president and CEO Tom Gutierrez celebrates the unveiling of the first sapphire boules produced in HTOT's new sapphire manufacturing facility located in Guiyang City, China. (Photo: Business Wire)
“We were delighted to be part of HTOT’s celebration commemorating their
official entrance into the sapphire material industry,” said Tom
Gutierrez. “Over the coming months we will work closely with the HTOT
team to ensure a smooth ramp to volume production in their new
state-of-the-art facility, which incorporates our ASF crystal growth
equipment. In their initial production runs, HTOT has successfully grown
four high quality boules, all of which were over 100 kilograms.”
Gutierrez continued, “GT has a proven track record of partnering with
companies to accelerate their entry into new markets by giving them the
tools and support they need to become key industry players. Over the
next few months we expect several of our other key sapphire customers in
Asia to start producing sapphire and we look forward to working with
these customers to ensure their smooth entrance into the sapphire growth
industry.”
GT announced the sale of its ASF™ sapphire crystal growth furnaces to
HTOT in a press release in April, 2011. In the six months since the
announcement, HTOT has built a state-of-the-art production facility and
is in the process of completing the installation of equipment and
ramping to volume production. When the plant is fully operational it
will be capable of producing 30,000,000 TIE of sapphire material
annually.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a global provider of polysilicon
production technology, and sapphire and silicon crystalline growth
systems and materials for the solar, LED and other specialty markets.
The company's products and services allow its customers to optimize
their manufacturing environments and lower their cost of ownership. For
additional information about GT Advanced Technologies, please visit
www.gtat.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking in
nature, including statements regarding expected performance of the
Company’s products. These statements are based on management’s current
expectations or beliefs.
These forward-looking statements are not
a guarantee of performance and are subject to a number of uncertainties
and other factors, many of which are outside the Company’s control,
which could cause actual events to differ materially from those
expressed or implied by the statements.
Factors that may cause
actual events to differ materially from those expressed or implied by
our forward-looking statements include the possibility that the Company
is unable to recognize revenue on customer contracts, that technological
changes could render existing products or technologies obsolete, the
Company may be unable to protect its intellectual property rights,
competition from other manufacturers may increase, exchange rate
fluctuations and conditions in the credit markets and economy may reduce
demand for the Company’s products and various other risks as outlined in
GT Advanced Technologies Inc’s (formerly Solar International, Inc.)
filings with the Securities and Exchange Commission, including the
statements under the heading “Risk Factors” in the Company’s annual
report on Form 10-K for fiscal 2011
filed on May 26, 2011 and
quarterly report on Form 10-Q for the first quarter of fiscal 2012 filed
on August 5, 2011. 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.
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