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GT Advanced Technologies Announces First Order from an Incumbent Polysilicon Producer for $101.3 Million in CVD Reactors and Ancillary Equipment

MERRIMACK, N.H.--(BUSINESS WIRE)--Jan. 9, 2012-- GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that it has received a $101.3 million dollar order for CVD reactors and ancillary production equipment from an incumbent polysilicon producer. This is a follow-on order to an engineering services contract booked in the second quarter of FY12. The new order had been included in GT’s backlog for its Q3 FY12, which ended on December 31, 2011.

GT Solar SDR(tm)400 CVD reactor can produce greater than 400 MTA of high purity polysilicon (Photo:  ...

GT Solar SDR(tm)400 CVD reactor can produce greater than 400 MTA of high purity polysilicon (Photo: Business Wire)

“This sale is a noteworthy milestone as it represents the first time GT has sold its CVD reactors to one of the large incumbent polysilicon producers,” said Tom Gutierrez, president, chief executive officer of GT. “It further demonstrates our ability to supply the polysilicon industry with highly efficient equipment and services that enable the production of low-cost, high quality polysilicon. We have worked with this customer for some time and we look forward to continuing to support their business with GT equipment and services.”

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Forward-Looking Statements

Some of the statements in this press release are forward-looking in nature, including statements regarding expected revenue from customer contracts. These statements are based on management’s current expectations or beliefs. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control, which could cause actual events to differ materially from those expressed or implied by the statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the possibility that the Company is unable to recognize revenue on customer contracts, that technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company’s products and various other risks as outlined in GT Advanced Technologies Inc’s (formerly Solar International, Inc.) filings with the Securities and Exchange Commission, including the statements under the heading “Risk Factors” in the Company’s annual report on Form 10-K for fiscal 2011 filed on May 26, 2011 and quarterly report on Form 10-Q for the second quarter of fiscal 2012 filed on November 9, 2011. GT Advanced Technologies, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

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Source: GT Advanced Technologies

GT Advanced Technologies
Jeff Nestel-Patt, (603) 204-2883
Ryan Blair, (603) 681-3869

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding GT Advanced Technologies Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.