Credence Selects MVTS to Deliver Ongoing Support for Legacy Product Lines
Credence Systems Corporation (NASDAQ: CMOS), a provider of test solutions for the worldwide consumer semiconductor industry, announced today that it has entered into an exclusive agreement with MVTS Technologies, LLC, a global provider of support for legacy automated test equipment (ATE), to offer support for seven Credence legacy products including Vista, Duo, Quartet, Octet, SC, Kalos, and EXA.
In addition to purchasing exclusive rights to these Credence legacy products, MVTS will hire trained field support personnel, acquire Credence legacy inventory and assume repair services. As a result of this agreement, Credence customers will benefit from extended support for end-of-life products, as well as the focus and commitment of an experienced legacy support provider.
Lavi Lev, president and CEO of Credence, said, "This agreement demonstrates our continued commitment to provide the best possible support for our customers. MVTS has a demonstrated track record of providing excellent service in the ATE industry. At the same time, it enables us to continue to implement efficient cost savings measures while we remain focused on our current product strategy."
Ron Maassen, CEO of MVTS, said, "This alliance with Credence is fundamental to expanding the product and services portfolio of MVTS. Our focus is on responding to the needs of legacy ATE users, and this agreement will augment our existing infrastructure and expand our market opportunities."
Beginning August 1, 2008 through December 31, 2008, Credence entered into a transitional partnership period with MVTS during which all customer support continues as usual and MVTS will employ field support personnel and initiate product repairs. Effective January 1, 2009, customers will receive support directly from MVTS.
About Credence
Credence Systems Corporation is a global provider of automated test
equipment (ATE) solutions to the high growth, consumer semiconductor
industry. Credence is committed to deliver the highest standards of value
-- an optimal combination of technology, turn-around time, reliability,
ease of use, service and support -- to every customer, which enables
important cost and performance advantages for integrated device
manufacturers (IDMs), wafer foundries, outsource assembly and test (OSAT)
suppliers and fabless chip companies worldwide. An ISO 9001-certified
company with a presence in 20 countries, Credence is headquartered in
Milpitas, California. More information is available at www.credence.com.
About MVTS
MVTS Technologies is a leading provider of value-added refurbished
automatic testing equipment (ATE), tester upgrades, spare parts, and
services to the semiconductor industry. MVTS also provides outsource
support and services to the ATE original equipment manufacturers (OEM).
Founded in 1994, MVTS is a global organization with a presence in 13
countries and is headquartered in Carlsbad, California. More information
is available at www.mvts.com.
Credence and Credence Systems are trademarks of Credence Systems
Corporation. Other trademarks that may be mentioned in this release are the
intellectual property of their respective owners.
Forward-Looking Statements
This release contains statements that are forward-looking within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the benefits to Credence customers from extended
support for end-of-life products, as well as the focus and commitment of an
experienced legacy support provider, the implementation of cost savings
measures and the augmentation of MVTS' existing infrastructure and
expansion of market opportunities. These forward-looking statements
involve important factors that could cause our actual results to differ
materially from those in the forward-looking statements. Such important
factors involve risks and uncertainties including, but not limited to, the
inability of any third party provider to perform as expected which could
materially and adversely affect our business. Reference is made to the
discussion of risk factors detailed in our filings with the Securities and
Exchange Commission, including our reports on Form 10-K and 10-Q. All
projections in this release are based on limited information currently
available to us, which is subject to change. Although any such projections
and the factors influencing them will likely change, we will not
necessarily update the information, since we are only to provide guidance
at certain points during the year. Actual events or results could differ
materially and no reader of this release should assume later in the quarter
that the information provided today is still valid. Such information
speaks only as of the date of this release.
Media Relations Contact:
Brenda Ropoulos
Communications Director
Credence Systems Corporation
Phone: 408-635-4309
FAX: 408-635-4986
E-mail: Email Contact
