BEAVERTON, OR -- (Marketwired) -- 09/08/15 -- Cascade Microtech, Inc. (NASDAQ: CSCD), a leading supplier of solutions that enable precision measurements of integrated circuits at the wafer level, announced today that investment funds (the "Funds") affiliated with John D. Delafield, Director of Cascade Microtech (the "Company"), have initiated a pre-arranged stock trading plan (the "Plan") in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and the Company's policies regarding stock transactions.
The Funds intend to sell approximately 900,000 shares under the Plan over a period ending in December 2017 as part of a diversification plan. On September 8, 2015, Mr. Delafield and his affiliates held approximately 1,900,000 shares of common stock which represented in total approximately 12% of the Company's outstanding capital stock. If all sales under the Plan are conducted, Mr. Delafield and his affiliates will collectively retain approximately 53% of their current holdings of the Company's stock.
The transactions under the Plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission. None of Mr. Delafield's personal shares in the Company will be sold pursuant to the Plan. Mr. Delafield executed the Plan on behalf of the Funds during an "open window" allowing Directors and Officers to trade in the Company's shares.
Mr. Delafield and his affiliates acquired shares in the Company over an extended period and continued to purchase shares until as recently as September 2014. "The success of the Company's strategy and the dedication and skill of its employees have yielded strong financial performance in recent years," Mr. Delafield said. "While I have nothing but great expectations from the same group of talented people going forward, fiduciary obligations require me to gradually reduce the Funds' position in what is a wonderful investment," he added.
Except as may be required by law, the Company does not intend to report on specific Rule 10b5-1 pre-planned stock trading plans of Directors or Officers, nor to report modifications or terminations of the Plan or a stock trading plan of any other individual.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995, including, among other things, statements regarding the expected sales of stock by the Funds under a Rule 10b5-1 stock trading plan. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) fluctuations and volatility in our stock price, and (ii) changes in circumstances of Mr. Delafield or the Funds that could lead to amendment or termination of the Plan. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K that we may file from time to time, which could cause actual results to vary from expectations. Cascade Microtech assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
About Cascade Microtech, Inc.
Cascade Microtech, Inc. (NASDAQ: CSCD) is a worldwide leader in precision contact, electrical measurement and test of integrated circuits (ICs), optical devices and other small structures. For technology businesses and scientific institutions that need to evaluate small structures, Cascade Microtech delivers access to electrical data from wafers, ICs, IC packages, circuit boards and modules, MEMS, 3D TSV, LED devices and more. Cascade Microtech's leading-edge stations, probes, probe cards, advanced thermal subsystems and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing of high-speed and high-density semiconductor chips. For more information visit www.cascademicrotech.com.
FOR MORE INFORMATION, CONTACT:
Jeff A. Killian
Cascade Microtech, Inc.
(503) 601-1280
jeff.killian@cmicro.com
