YAVNE, Israel, July 12, 2018 /PRNewswire/ --
Orbotech Ltd. (NASDAQ: ORBK) ("Orbotech" or the "Company"), a
leading global supplier of yield-enhancing and process-enabling
solutions for the manufacture of electronics products, today
announced that the Supreme Court of Korea dismissed the
prosecutor's appeal of the Seoul Central District Court's
(Appellate Division) 2014 decision acquitting the Company's Korean
subsidiary and five of its employees in the matter of alleged
unlawful acquisition and divulgence of confidential technical
information of certain of the Company's significant customers in
Korea in its entirety, and the nominal fine imposed on one employee
of Orbotech's Korean subsidiary by the lower courts has been
affirmed and finalized. The written opinion is expected to be
delivered soon, which will conclude this matter.
"Orbotech and our Korean subsidiary are very pleased that the
Korean Supreme Court has vindicated Orbotech in this matter which
has been ongoing since 2012," said Mr. Asher Levy, Chief Executive Officer of Orbotech.
"We understand and appreciate the importance of intellectual
property and its central significance as a core asset of any
company. For this reason, we maintain and enforce policies designed
to protect the intellectual property of both the Company and third
parties."
Orbotech remains committed to strengthening its business in
Korea and serving its longstanding and valued customers with
professionalism, integrity and client confidentiality at the
highest levels.
The fiscal effect of these matters on Orbotech in 2018 to date
has not been material.
About Orbotech Ltd.
Orbotech Ltd. is a leading global supplier of yield-enhancing
and process-enabling solutions for the manufacture of electronics
products. Orbotech provides cutting-edge solutions for use in the
manufacture of printed circuit boards (PCBs), flat panel displays
(FPDs), and semiconductor devices (SDs), designed to enable the
production of innovative, next-generation electronic products and
improve the cost effectiveness of existing and future electronics
production processes. Orbotech's core business lies in enabling
electronic device manufacturers to inspect and understand PCBs and
FPDs and to verify their quality ('reading'); pattern the desired
electronic circuitry on the relevant substrate and perform
three-dimensional shaping of metalized circuits on multiple
surfaces ('writing'); and utilize advanced vacuum deposition and
etching processes in SD and semiconductor manufacturing
('connecting'). Orbotech refers to this 'reading', 'writing' and
'connecting' as enabling the 'Language of Electronics'. For more
information, visit www.orbotech.com.
Cautionary Statement Regarding Forward-Looking
Statements
Except for historical information, the matters discussed in this
press release are forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements relate to, among other things, future prospects,
developments and business strategies and involve certain risks and
uncertainties. The words "anticipate," "believe," "could," "will,"
"plan," "expect" and "would" and similar terms and phrases,
including references to assumptions, have been used in this press
release to identify forward-looking statements. These
forward-looking statements are made based on management's
expectations and beliefs concerning future events affecting
Orbotech and are subject to uncertainties and factors relating to
Orbotech's operations and business environment, the previously
announced acquisition of Orbotech by KLA-Tencor Corporation
("KLA-Tencor"), the manner in which the parties plan to effect the
transaction, including the share repurchase program, the ability to
raise additional capital necessary to complete the repurchase
program within the time frame expected, the expected benefits,
synergies and costs of the transaction, management plans relating
to the transaction, including with respect to the Company's
ownership interest in Frontline, the expected timing of the
completion of the transaction, the parties' ability to complete the
transaction considering the various closing conditions, including
conditions related to regulatory and Orbotech shareholder
approvals, the plans, strategies and objectives of management for
future operations, product development, product extensions, product
integration, complementary product offerings and growth
opportunities in certain business areas, the potential future
financial impact of the transaction, and any assumptions underlying
any of the foregoing. Actual results may differ materially from
those referred to in the forward-looking statements due to a number
of important factors, including but not limited to the possibility
that expected benefits of the transaction may not materialize as
expected, that the transaction may not be timely completed, if at
all, that KLA-Tencor may not be able to successfully integrate the
solutions and employees of the two companies or ensure the
continued performance or growth of Orbotech's products or
solutions, the risk that the Company may not achieve its revenue
expectations within and for 2018 (including, without limitation,
due to shifting move-in dates); cyclicality in the industries in
which the Company operates, the Company's supply chain management
and production capacity, order cancelation (often without penalty),
timing and occurrence of product acceptance (the Company defines
'bookings' and 'backlog' as purchase arrangements with customers
that are based on mutually agreed terms, which, in some cases for
bookings and backlog, may still be subject to completion of written
documentation and may be changed or cancelled by the customer,
often without penalty), fluctuations in product mix within and
among divisions, worldwide economic conditions generally,
especially in the industries in which the Company operates, the
timing and strength of product and service offerings by the Company
and its competitors, changes in business or pricing strategies,
changes in the prevailing political and regulatory framework in
which the relevant parties operate, including as a result of the
United Kingdom's prospective
withdrawal from the European Union (known as "Brexit") and
political uncertainty in the United
States, or in economic or technological trends or
conditions, including currency fluctuations, inflation and consumer
confidence, on a global, regional or national basis, the level of
consumer demand for sophisticated devices such as smart mobile
devices, automotive electronics, flexible applications and devices,
augmented reality/virtual reality and wearable devices,
high-performance computing, liquid crystal display and organic
light emitting diode screens and other sophisticated devices, the
Company's global operations and its ability to comply with varying
legal, regulatory, exchange, tax and customs regimes, the timing
and outcome of tax audits, including the best judgment tax
assessment issued by the Israel Tax Authority with respect to the
audit of tax years 2012-2014 in Israel and the related criminal investigation,
the Company's ability to achieve strategic initiatives, including
related to its acquisition strategy, the Company's debt and
corporate financing activities; the impact of the conclusion of the
criminal matter and ongoing investigation in Korea, including any
impact on existing or future business opportunities in Korea and
elsewhere, any civil actions related to the Korean matter brought
by third parties, including the Company's customers, which may
result in monetary judgments or settlements, expenses associated
with the Korean matter, and ongoing or increased hostilities in
Israel and the surrounding
areas.
The foregoing information should be read in connection with the
Company's Annual Report on Form 20-F for the year ended
December 31, 2017, and subsequent SEC
filings. The Company is subject to the foregoing and other risks
detailed in those reports. The Company assumes no obligation to
update the information in this press release to reflect new
information, future events or otherwise, except as required
by law.
ORBOTECH COMPANY CONTACTS:
Rami Rozen
VP of Investor Relations
Tel: +972-8-942-3582
Investor.relations@orbotech.com
Tally Kaplan Porat
Director of Corporate Marketing
Tel: +972-8-942-3603
Tally-Ka@orbotech.com
View original
content:http://www.prnewswire.com/news-releases/supreme-court-of-the-republic-of-korea-re-affirms-lower-courts-decision-in-favor-of-orbotechs-korean-subsidiary-and-five-employees-in-misuse-of-confidential-customer-information-in-violation-of-applicable-law-case-300679912.html
SOURCE Orbotech Ltd.