Axcelis Announces Sale And Leaseback Transaction

October 6, 2014 at 8:01 AM EDT

BEVERLY, Mass., Oct. 6, 2014 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, announced today that it has signed an agreement with Middleton Partners LLC for the sale of the Company's headquarter building at 108 Cherry Hill Drive, located on approximately 37 acres in Beverly, Mass. for the purchase price of $50 million. At the closing of the sale, which will occur after the completion of a due diligence period of up to 45 days and on the satisfaction of customary closing conditions, Axcelis will enter into a 22 year lease of the property. The transaction is expected to generate net proceeds of approximately $35M, after the discharge of the existing mortgage and expenses. The Company will retain ownership of approximately 23 acres of adjacent property.

Commenting on the transaction, Executive Vice President and Chief Financial Officer Kevin Brewer said, "We are pleased that we have reached an agreement with Middleton Partners to sell our headquarters facility as we have been a seeking a transaction that would monetize this asset. The proceeds from this sale allow us to significantly strengthen our balance sheet."

Forward Looking Statement:
The statements in this press release about Axcelis' expectations for the closing the transaction described in this release and the consequences of the closing are each a "forward-looking statement."  While they express the current expectations of Axcelis management, certain risks and uncertainties could cause actual results to differ materially from those currently anticipated.   Among other factors, such risks and uncertainties include the satisfactory achievement of closing conditions described in the Purchase and Sale Agreement, which include requirements that may be outside of the Company's control, including the availability of financing for the transaction.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

About Middleton:
Middleton Partners, based in Northbrook, Illinois, is a private real estate investment firm active in various markets throughout the United States across the entire range of commercial property investment, including the acquisition, development and re-development of office, industrial, retail, medical office and data center properties.  Middleton invests both for its own account and as lead co-investor with a select group of operating partners nationwide.  Learn more about Middleton at www.middletonpartners.net.

CONTACTS:
Maureen Hart (editorial/media) 978.787.4266
Doug Lawson (investor relations) 978.787.9552

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SOURCE Axcelis Technologies, Inc.