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| Tegal Corporation Regains Compliance on Bid Price
PETALUMA, Calif.--(BUSINESS WIRE)--Sept. 17, 2003--Tegal Corporation (Nasdaq:TGAL), a leading designer and manufacturer of plasma etch and deposition systems used in the production of integrated circuits, today announced that it had received notice from Nasdaq that it had regained compliance with the $1.00 minimum bid price requirement. Since being notified earlier that the Company had until December 1, 2003 to regain compliance, the bid price of Tegal's common stock has closed at $1.00 per share or more for a minimum of 10 consecutive trading days. Accordingly, the Company was notified on September 17, 2003 that it had regained compliance and that the question of its continued listing on the Nasdaq SmallCap market was closed. The Nasdaq SmallCap Market is a fully automated electronic exchange in which more than 800 companies are listed. Due to the recent introduction of Nasdaq's SuperMontage trading system, securities listed on both the Nasdaq National Market and the Nasdaq SmallCap Market share a unified, liquid, order-entry system. BizVantage – A Net clipping service that learns what you need: for business, investment or technology. "We are pleased that renewed interest by investors in Tegal has resulted in a substantial increase in our average daily trading volume and in our stock price. With a stronger balance sheet resulting from our recently completed financing and higher stock price we are able to pursue more opportunities for growth and communicate our story to a wider audience of investors," said Thomas Mika, Tegal's Executive Vice President and Chief Financial Officer. If the closing bid price of Tegal's common stock is $1.00 per share or more for 30 consecutive trading days, the Company may also be eligible to transfer its common stock back to the Nasdaq National Market, provided that it has maintained compliance with the other continued listing requirements on that market. Safe Harbor Statement The statements in this news release are forward-looking statements that involve a number of risks and uncertainties. As discussed in Tegal's annual report on Form 10-K for the fiscal year ended March 31, 2003, assumptions relating to the foregoing involve judgments with respect to, among other things, the ability of Tegal to successfully implement its business strategy; future economic, competitive and market conditions, including those in Europe and Asia and those related to Tegal's strategic markets; whether the products offered by Tegal will continue to achieve customer acceptance, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Tegal. Although Tegal believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Tegal or any other person that Tegal's objectives or plans will be realized. Tegal undertakes no obligation to revise the forward-looking statements contained herein to reflect such events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Tegal Tegal Corporation, headquartered in Petaluma, California, is a leading designer and manufacturer of plasma etch and deposition systems used in the production of MEMS, smart cards, opto-telecom devices, integrated circuits (ICs), Radio Frequency Identification Devices (RFID's) and other related microelectronics devices. Both etching and deposition are key process steps and must be repeated multiple times in the production of these devices. Tegal markets and services its systems in all major IC-producing regions of the world. More information is available on the Internet at: www.tegal.com.
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