Zafar Ahmad Promoted To Vice President Of European And North American Operations
BROOKFIELD, Connecticut Wednesday, June 21, 2006 -- Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, announced today that effective immediately, Zafar Ahmad has been promoted to Vice President of European and North American Operations. Mr. Ahmad will be located in the Company's Manchester, United Kingdom facility where he will report to Photronics' newly appointed Chief Operating Officer, Dr. Soo Hong Jeong.
During the course of his eight year career at Photronics, Mr. Ahmad has served in a variety of operating management positions including site director roles in Europe and North America, before being promoted to Vice President of North American Operations in 2003. Most recently, he served as Vice President of European Operations, a position he has held since 2004. Effective immediately, all site directors in Europe and North America will report to Mr. Ahmad.
In commenting on the expansion of Mr. Ahmad's responsibilities, Dr. Jeong noted, "As the markets served by the global semiconductor industry are influenced by rapid changes in both performance and functionality, the aggressive advancement of Photronics' global integration initiatives will be essential in the Company's ability to serve as a strategic supplier of the advanced technology and services needed to insure the success of these customers. Zafar's broad base of experience at the site level and regional Vice President level in both Europe and North America uniquely qualifies him for this new position focused on optimizing our manufacturing operations."
"This realignment of the Company's regional presence in Europe and North America will improve both manufacturing efficiency and customer service," noted Mr. Ahmad. "My immediate objectives are to leverage Photronics' core customer service strengths as a means to grow our share of the 130 nanometer and 90 nanometer customers we serve in Europe and North America. Additionally, I expect that efficiency gains in mainstream facilities will also enable us to expand our served market among these customers."
Mr. Ahmad is a graduate of the University of Houston, where he earned a Bachelor of Arts degree.
Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the Company can be accessed at www.photronics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this release are considered "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward looking statements involve risks and uncertainties. In particular, any statement contained in this release regarding the consummation and benefits of future acquisitions, expectations with respect to the MP Mask Technology Center LLC joint venture with Micron Technology, the planned fabrication facilities, future sales, financial performance, operating efficiencies and product expansion, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company. These factors may cause actual results, performance or achievements to differ materially from anticipated results, performances or achievements. Factors that might affect such forward looking statements include, but are not limited to, overall economic and business conditions; the demand and receipt of orders for the Company's products; competitive factors in the industries and geographic markets in which the Company competes; changes in federal, state and foreign tax requirements (including tax rate changes, new tax laws and revised tax law interpretations); the Company's ability to place new equipment in service on a timely basis; interest rate fluctuations and other capital market conditions, including foreign currency rate fluctuations; economic and political conditions in international markets; the ability to obtain a new bank facility or other financings; the ability to achieve anticipated synergies and other cost savings in connection with acquisitions and productivity programs; uncertainties with respect to the integration and management of a new joint venture, delays in the construction and equipping of the planned fabrication facilities, the ability to transfer licensed applications to other applications, the timing, impact and other uncertainties of future acquisitions and investments; the seasonal and cyclical nature of the semiconductor industry; the availability of capital; management changes; damage or destruction to our facilities by natural disasters, labor strikes, political unrest or terrorist activity; the ability to fully utilize its tools; the ability of the Company to receive desired yields, pricing, product mix, and market acceptance of its products; changes in technology; and other risks and uncertainties set forth in the Company's SEC filings from time to time. Any forward-looking statements should be considered in light of these factors. The Company assumes no obligation to update the information in this release.
FOR FURTHER INFORMATION:
Michael W. McCarthy
Vice President Corporate Communications
Photronics, Inc.
(203)775-9000
mmccarthy@brk.photronics.com