Photon Dynamics Finalizes Acquisition of CR Technology

SAN JOSE, CA, Dec. 1 -- Photon Dynamics, Inc., a supplier of test, inspection, and repair systems for the flat-panel display (FPD) industry, has announced the closing of its acquisition of CR Technology, Inc. (CRT). The acquisition was approved by shareholders of both companies at the end of November.

Photon Dynamics exchanged 1,960,000 shares of newly issued common stock for all outstanding capital stock and options of CR Technology, a manufacturer of x-ray and optical inspection systems for semiconductor packaging and printed circuit board (PCB) applications. On a pro forma basis, the transaction was accretive in Photon Dynamics' fiscal year 1999. Based in Aliso Viejo, CA, CRT will operate as a wholly-owned subsidiary with a newly completed sales facility at Photon Dynamics in San Jose, CA.

"We believe that the acquisition of CRT will provide both companies a myriad of benefits in the future," said Vincent F. Sollitto, Photon Dynamics' CEO.

Sollitto said that Photon Dynamics and CRT intend to to build a global, high-quality customer base of leading FPD manufacturers, OEMs, and contract manufacturing companies in North America and Asia, which meets the companies' common goal of achieving geographic diversity. As the two companies continue to develop their product lines, they plan to provide FPD manufacturers with the increased inspection capability needed to ensure defect-free bonding to glass substrates. "This will further support the move toward fully integrated Systems-on-Glass by continuing to improve yield and reduce cost for manufacturers," Sollitto concluded.

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