October 29, 2004 – Mattson Technology Inc. has completed the acquisition of Vortek Industries Ltd., a privately held developer of millisecond flash annealing technology based in Vancouver, Canada. The acquisition was previously announced on June 28.
As payment for the acquisition, Mattson issued approximately 1,450,000 shares of its common stock to the former holders of debt and equity ownership interests in Vortek. In addition, certain tax refunds to be received by Vortek in the future will be paid over to the former Vortek shareholders. During the interim period between the acquisition announcement and this closing, Mattson provided approximately U.S. $2.5 million in working capital loans to Vortek.
“The Mattson and Vortek teams are collaborating and integrating efforts to ensure that we are prepared to ship the first flash millisecond annealing beta system in the fourth quarter of this year,” said David L. Dutton, president and CEO of Mattson Technology.