Intevac Announces Successful Qualification of TRIO™ System
January 02 2024 - 8:00AM
Business Wire
Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film
processing systems, today announced that the Company has
successfully completed the qualification of its first TRIO™ system
within the initial 12 months of the partnership agreement.
“We are very pleased to announce the completion of the TRIO
development program, and the successful qualification of the first
TRIO system achieved last week with our partner Corning,” commented
Nigel Hunton, president and chief executive officer. “The success
of the development and achievement of qualification, as expected
before year-end 2023, is a testament to the tireless efforts of the
entire Intevac team. The qualification process that commenced in
the third quarter of 2023 included multiple stages, including
extensive endurance runs and the testing of multiple coating
technologies, and was delivered through the exceptional
collaboration between the Intevac and Corning technical teams.” Mr.
Hunton concluded, “Having now achieved this significant milestone
for our groundbreaking new system, we continue to expect our first
TRIO revenues in fiscal 2024. With an estimated $1 billion served
market, the TRIO represents significant potential for Intevac’s
future revenue growth, and we look forward to continued
enhancements of the platform as we launch the TRIO into the
field.”
About Intevac, Inc.
Founded in 1991, we are a leading provider of thin-film process
technology and manufacturing platforms for high-volume
manufacturing environments. As a long-time supplier to the hard
disk drive (HDD) industry, our industry-leading 200 Lean® platform
supports the majority of the world’s capacity for HDD disk media
production, as well as all technology upgrade initiatives currently
underway in support of next-generation HDD media. With over 30
years of leadership in designing, developing, and manufacturing
high-productivity, thin-film processing systems, we also are
leveraging our technology and know-how for additional applications,
such as coatings for consumer devices. For more information call
408-986-9888, or visit the Company's website at
www.intevac.com.
Safe Harbor Statement
This press release includes statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (the “Reform Act”).
Intevac claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
“may,” “believes,” “projects,” “expects,” or “anticipates,” and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to,
statements about the Company’s expectations with respect to revenue
and potential revenue growth related to the TRIO platform, and the
Company’s future financial performance. The forward-looking
statements contained herein involve risks and uncertainties that
could cause actual results to differ materially from the Company’s
expectations. These risks include, but are not limited to, global
macroeconomic conditions and supply chain challenges including
shipment delays, availability of components, and freight, logistics
and other disruptions, and changes in market dynamics that could
change the forecasts and delivery schedules for both our systems
and upgrades, each of which could have a material impact on our
business, our financial results, and the Company’s stock price.
These risks and other factors are detailed in the Company’s
periodic filings with the U.S. Securities and Exchange
Commission.
All forward-looking statements in this press release are based
on information available to the Company as of the date hereof, and
Intevac does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law. Any future product, service, feature, or
related specification that may be referenced in this release is for
informational purposes only and is not a commitment to deliver any
offering, technology or enhancement.
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version on businesswire.com: https://www.businesswire.com/news/home/20240102450244/en/
Kevin Soulsby Chief Financial Officer (408) 986-9888
Claire McAdams Investor Relations (530) 265-9899
Intevac (NASDAQ:IVAC)
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