Amendment adds $33 million to existing contract
MERRIMACK, N.H.--(BUSINESS WIRE)--GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that it has received $33 million in additional bookings from Korea-based polysilicon producer OCI Company, Ltd, resulting from OCI's exercise of an option under a previously announced contract to support its Phase 4 expansion. The additional bookings raise the value of the original contract, which was announced on May 18, 2011, to $269 million for polysilicon production equipment and technology. The original contract was based on pricing related to an option for OCI to purchase GT's newest generation SDR reactors, if the new reactors met OCI's technical and performance requirements after their internal testing. OCI recently decided to purchase the newest reactors, triggering the increase in bookings. The additional $33 million will be included in GT's backlog for its Q2 FY12, which ends on October 1st, 2011.
"We are pleased that OCI has elected to purchase our newest SDR reactors as part of their Phase 4 capacity expansion project," said Tom Gutierrez, GT Advanced Technologies' president and CEO. "Our SDR reactors continue the innovation track record of our polysilicon production equipment business by improving throughput and lowering operating expenses for our customers."
OCI's Phase 4 expansion will add 20,000 metric tons of additional capacity when it is completed bringing OCI's total production polysilicon capacity to 62,000 metric tons annually. OCI currently ranks among the world's top three polysilicon producers with all of its capacity based on GT's SDR reactors. GT Advanced Technologies' polysilicon production equipment includes the PV industry's most productive and energy efficient CVD reactors.
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 revenue from customer contracts. 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.
Contacts
Media
GT Advanced Technologies
Jeff Nestel-Patt, 603-204-2883
jeff.nestelpatt@gtat.com
or
Investors/Analysts
GT Advanced Technologies
Ryan Blair, 603-681-3869
ryan.blair@gtat.com