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GT Advanced Technologies : GT Advanced Technologies Announces Mesa ASF Furnaces to be Auctioned
MERRIMACK, N.H., Nov. 13, 2015 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (OTC:GTATQ), today announced that, on November 22-23, 2015, it will conduct an auction of certain of its ASF sapphire growth furnaces currently located in Mesa, Arizona, as well as a number of new furnaces in Hong Kong.
GT will retain the intellectual property related to the ASFs as well as the key personnel necessary to support the installation and commissioning of the units purchased in the auction. GT will provide such installation and commissioning services on terms to be agreed with the buyers of the ASF units. "We will remain active in the sapphire equipment business and look forward to better market conditions in the future as the users of sapphire in the consumer electronics and other industries innovate applications for the material," said David Keck, CEO of GT.
The related settlement agreement, which provides for the auction, is subject to approval by the U.S. Bankruptcy Court for the District of New Hampshire at a hearing scheduled for November 19, 2015. The full text of the settlement agreement was filed with the company's Form 8-K dated November 9, 2015.
Further details regarding the auction can be found at http://www.bidindustrial.com .
CONTACT:
Allison Pellegrino
allison.pellegrino@gtat.com
+1-603-681-3910
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