SALT LAKE CITY, Sept. 1, 2011 (GLOBE NEWSWIRE) -- Cimetrix Incorporated (OTCQB:CMXX) (www.cimetrix.com), a leading provider of factory automation and equipment control software solutions for the global semiconductor, photovoltaic, LED, and other electronics industries, announced today that the Company has paid off the remaining balance of $697,000 of its 10% Notes, which were scheduled to mature on September 30, 2012. The Company used cash flow from operations to pay off the debt, which eliminates all long term debt from the Company's balance sheet.
"Our strong performance over the prior two years provided the cash flow to pay off these notes over one year ahead of schedule. The debt reduction will save the Company over $80,000 in interest expense through maturity and strengthens our overall balance sheet," said Bob Reback, president and CEO of Cimetrix. "We are thankful to our long-term supporters who believed in our vision for the Company and purchased Cimetrix Notes. While the capital equipment market will always be cyclical and our customers have reported some short-term headwinds, the long-term outlook remains strong for the semiconductor, LED, and PV markets we serve. Today, we have a broader customer base and product portfolio, we have expanded into markets outside of semiconductor equipment, and we have a more solid financial position. We are proceeding with our plan to capitalize on a larger, second stage of growth fueled by increasing the content and value of Cimetrix products."
About Cimetrix Incorporated
Cimetrix (OTCQB:CMXX) (OTCBB:CMXX) designs, develops, markets, and supports factory automation and equipment control software for the global semiconductor, photovoltaic, LED, and other electronics industries. A leading participant in SEMI standards development, Cimetrix connectivity software allows for quick implementation of the SECS/GEM, GEM300 and EDA standards.
The Company's products can be found on virtually every tool type in nearly every semiconductor 300mm factory worldwide. The added value of Cimetrix's passionate support and professional services creates the industry's only complete software solution. Key products include:
Cimetrix is an active member of Semiconductor Equipment and Materials International (SEMI), including the SEMI PV Group, and participates in various International SEMATECH Manufacturing Initiative (ISMI) programs.
For more information, please visit www.cimetrix.com.
The Cimetrix Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10046
Safe Harbor Statement:
The matters discussed in this news release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements about the Company's prospects for future growth and results of operations are forward-looking statements. The comments made by the Company's senior management in regards to future revenue and results are based on current expectations and involve risks and uncertainties that may adversely affect expected results including but not limited to recovery of the economic markets into which the Company sells products, increased capital expenditures by semiconductor chip manufacturers, market acceptance of the Company's products, the timing and degree of adoption of Interface A by the semiconductor industry, the ability of the Company to control its costs associated with providing products and services, the mix between products and services (which generally have higher associated costs of revenue) provided by the Company, the competitive position of the Company and its products, which include CODE, CIMConnect, CIM300 and CIMPortal product families, the economic climate in the markets in which the Company's products are sold, technological improvements, and other risks discussed more fully in filings by the Company with the Securities and Exchange Commission. Many of these factors are beyond the control of the Company. Reference is made to the Company's most recent filing on Form 10-K, which further details such risk factors.