June 20, 2007 -- ATS Automation Tooling Systems Inc. has made next major steps in its strategy intended to significantly improve its performance and focus on its automation systems business. It also reported its financial results for the three and 12 months ended March 31, 2007.

The company's next steps are threefold: Develop its world-leading Automation Systems Group operations -- its core business; Complete an ATS rights offering for gross proceeds of approximately $110-million with the funds used to further expand Photowatt's capacity and its silicon supplies -- investments that are intended to enhance Photowatt's value to ATS shareholders and position Photowatt for a strong future as a stand-alone business. The company intends to review strategic alternatives for this business and reach a decision on or before the first quarter earnings release date; and pursue strategic alternatives for its Precision Components Group (PCG), including divestiture.

"Our strategy is designed to create the right conditions for us to crystallize the value of our non-core businesses and to enable management to focus our efforts and future ATS investments to further build our significant strengths in automation systems, where we are an industry leader," said Ron Jutras, president and chief executive officer. "As a pure automation solutions company, we believe ATS will be much better able to take advantage of the substantial worldwide opportunities we see in our global markets and generate improved performance and value for our shareholders."

Full report.

Source: Canada Stockwatch
Source: Factiva