John Chen, Chairman and CEO of Kingstone, commented: “We are very excited to partner with Amtech Systems and look forward to working together on the development and production of innovative solutions to the solar market. The combination of Kingstone’s extensive ion implant experience and Amtech’s success in the solar market gives us a high degree of confidence in our future.”Under the terms of the acquisition:
- For its 55% ownership, Amtech will pay $5.5 million in the form of cash and stock, and will pay up to $4 million in the form of a contingent promissory note. The payments of up to $4 million pursuant to the contingent note are to be made to the acquired company and used to fund Kingstone Semiconductor’s development of a next generation solar ion implant machine.
- Amtech will have exclusive worldwide rights to sell and service any solar ion implant machine developed by Kingstone Semiconductor.
- Over the next two years, Amtech will provide additional funding for the development of the next generation solar ion implant machine.
About Kingstone SemiconductorKingstone Semiconductor Company Ltd., headquartered in Shanghai, China, is led by a multinational team renowned in the field of ion implantation. Kingstone believes that its focus on developing and manufacturing leading edge technology based on customer requirements and feedback sets it apart from its competition.