Intevac Announces Multi-Year 200 Lean Upgrade and Refurbishment Agreement

Rhea-AI Summary

Intevac (NASDAQ: IVAC) has secured a multi-year agreement valued at over $20 million with a leading data storage company to upgrade and refurbish multiple 200 Lean® systems. This program aims to enhance older-generation systems delivered between 2004 and 2010 to produce advanced hard disk drive (HDD) media. Deployment is scheduled from 2022 to 2024, adding significant manufacturing capacity and enabling the data storage company to advance its technology roadmap.

Positive

• The multi-year agreement is valued at over $20 million.
• The refurbishment enhances the existing technology of older 200 Lean systems.
• The upgrades aim to boost advanced hard disk drive media manufacturing capacity.

Negative

• None.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced a multi-year agreement with a leading data storage company to upgrade and refurbish multiple 200 Lean® systems. Valued at over $20 million, this agreement upgrades existing systems in the field, which were delivered by Intevac between 2004 and 2010. This technology upgrade and refurbishment program is expected to be deployed over the 2022 through 2024 timeframe, and is focused on enabling these older-generation 200 Leans to produce advanced-technology hard disk drive (HDD) media.

“This multi-year agreement reflects an important partnership with this leading data storage company to add a significant amount of advanced HDD media manufacturing capacity on our 200 Lean platform, rather than the incumbent equipment provider,” said Jay Cho, executive vice president and general manager of Intevac’s thin-film equipment business. “These upgrades and refurbishments will include enhanced technologies to enable this data storage company to add leading-edge capacity and further their HDD technology roadmap over the next several years.”

About Intevac

We are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, solar photovoltaic, and advanced semiconductor packaging markets we serve currently. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Forward-Looking Statements

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, the size and timing of deployment of the HDD media refurbishment program. 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: the failure to meet planned shipment dates or volumes, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216005529/en/

James Moniz

Chief Financial Officer

(408) 986-9888



Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What is the value of Intevac's new agreement for upgrading systems?

The agreement is valued at over $20 million.

Which systems are being upgraded by Intevac?

Intevac is upgrading multiple 200 Lean® systems.

What is the timeframe for the refurbishment program announced by Intevac?

The refurbishment program is scheduled for deployment from 2022 to 2024.

What impact will the upgrades have on hard disk drive production?

The upgrades will enable the production of advanced-technology hard disk drive media.