Asyst Technologies resolves customer contract dispute

November 24, 2004 – Asyst Technologies Inc. has announced that Asyst Shinko, Inc. (ASI), the company’s 51%-owned joint venture with Shinko Electric Co. Ltd. of Japan, has resolved the customer contract dispute referenced in the company’s press release of Nov. 3, 2004.

The customer reaffirmed with ASI three contracts related to a large FPD project, and paid to ASI all amounts currently due under the three contracts. The three contracts had an aggregate original value of 14.85 billion yen, or approximately US$137 million at the time of booking. Two of the three contracts relate to the approximately US$120 million FPD order referenced in the company’s press releases dated July 27 and August 4, 2004, and its Form 10-Q filed for the quarter ended June 26, 2004.

The third contract, relating to the same FPD project, had an original value of approximately $17 million at the time of booking. In conjunction with reaffirming the three contracts, certain terms were renegotiated, including an aggregate price reduction to the customer of 800 million yen, or approximately US$7 million under the three contracts at exchange rates as of Sept. 25, 2004.

Additionally, the Audit Committee of the company’s Board of Directors has substantially completed its independent investigation of the matters underlying the customer contract dispute. The company expects to provide additional information concerning the Audit Committee’s conclusions and the nature of the remedial actions expected to be taken within ASI in its Form 10-Q to be filed for the fiscal second quarter.


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