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Cascade goes higher with ATT Systems acquisition

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This move brings thermal expertise and innovative products to support expansion into new markets for Cascade Microtech



Cascade Microtech, Inc. which specialises in precision measurements of integrated circuits at the wafer level, has acquired ATT Advanced Temperature Test Systems GmbH (ATT Systems).

ATT Systems, headquartered in Munich Germany, is a manufacturer of advanced thermal systems used in the testing of semiconductor wafers.

The firm provides enhanced thermal solutions for wafer testing over expanded temperatures that typically range from -60 to 300 o C. Cascade Microtech believes the acquisition strategically positions the combined companies for future system development and access to larger markets. ATT Systems' management team will remain with the company in Munich.

The purchase price for the acquisition includes approximately 8.4 million Euros (€) in cash (net of approximately €0.4 million of acquired cash), approximately 1.6 million shares of Cascade Microtech common stock, and deferred payments of approximately € 0.8 million. The purchase price is subject to certain post-closing adjustments. The shares of common stock issued in the transaction are subject to a one-year lock-up agreement.

"As Cascade Microtech enters new markets and expands its portfolio to address new technology nodes, we are seeking innovations in instrumentation and sub-systems," says Michael Burger, President and CEO, Cascade Microtech.

"This acquisition gives us access to thermal system capabilities, both in design expertise and through ATT Systems' high-performance products, which we expect will complement our development of next-generation systems for customers demanding the highest performance at thermal extremes, while addressing new applications such as 3D structures and FinFETs. ATT Systems provides a key component of our strategic plan and supports our customers' rapidly accelerating test requirement," he remarks.

"This acquisition strengthens Cascade Microtech's financial position," comments Jeff Killian, Chief Financial Officer, Cascade Microtech.

"The acquisition provides a basis for revenue growth, market expansion and vertical integration and we expect that it will have an immediate and positive contribution toward our success model." Killian continues.

"Based upon the unaudited, trailing 12-months performance of ATT Systems, the purchase price for the company approximates six times EBITDA. Before the effects of purchase accounting, we expect this transaction to be accretive to earnings beginning in the fourth quarter of 2013, and will provide additional support to achieve our success model which includes EBITDAS of greater than 20 percent of revenue."

Going forward, ATT Systems will be reported with Cascade Microtech's Systems segment.



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