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Technology Stocks : AFCO: Applied Film, Undiscovered Gem? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (149)	12/31/2001 10:31:06 AM
From: SemiBull	Read Replies (1) \| Respond to of 238

Applied Films Corporation Announces Conversion Of Remaining 600 Shares of Series A Convertible Preferred Stock LONGMONT, Colo., Dec. 31 /PRNewswire/ -- Applied Films Corporation (Nasdaq: AFCO - news) today announced that a holder of its Series A Convertible Preferred Stock has exercised its right to convert 600 shares of convertible preferred stock with a stated value of $6,000,000 into 303,797 shares of Applied Films common stock. The conversion price was $19.75 per share. Applied Films had earlier delivered to all its preferred stockholders a notice that Applied Films was electing to repurchase all outstanding shares of the convertible preferred stock effective January 1, 2002, at a repurchase price equal to 114% of its stated value plus all unpaid accrued dividends. Under the terms of the convertible preferred stock, each holder of convertible preferred stock may prior to January 1, 2002, exercise its right to convert the convertible preferred stock into common stock at a conversion price of $19.75 per share. As required by the Registration Rights Agreement between Applied Films and the preferred stockholders, Applied Films has in place an effective shelf registration statement that will allow holders who receive Applied Films common stock upon exercise of the convertible preferred stock to sell that common stock in the market. Lawrence Firestone, Chief Financial Officer of Applied Films, stated, ``We elected to repurchase the convertible preferred stock using the proceeds from our recent common stock offering. However, we recognize that the preferred stockholders have the right to convert the preferred stock into common stock before the repurchase date. This conversion represents the remaining convertible preferred shares outstanding after which all of the preferred shares will have been converted into common.'' About Applied Films Corporation Applied Films Corporation a leading provider of thin film deposition equipment to the flat panel display, the architectural, automotive and solar glass, and the consumer products packaging and electronics industries. We have also developed a barrier coating solution technology for the plastic beverage bottle industry. Our deposition systems are used to deposit thin films that enhance the characteristics of a base substrate, such as glass, plastic, paper or foil. These thin films provide conductive, electronic, reflective, filter, barrier, and other properties that are critical elements of our customers' products. Founded in 1976, we currently have approximately 615 employees at our headquarters in Longmont, Colorado, and operations in Alzenau and Hanau Germany; Brussels, Belgium; Hong Kong and Shanghai, China; Seoul, Korea; Tokyo and Osaka, Japan; and Taipei, Taiwan. For more information, please visit Applied Films' web site at appliedfilms.com . Safe Harbor Statement This press release contains forward-looking statements that involve substantial risks and uncertainties. Typically, these statements contain words such as ``anticipate,'' ``believe,'' ``could,'' ``estimate,'' ``expect,'' ``intend,'' ``may,'' ``should,'' ``will'' and ``would'' or similar words. You should read statements that contain these words carefully because they discuss our future expectations or state other ``forward-looking'' information. You are cautioned that forward-looking statements are not guaranties of future performance. The forward-looking statements included in this release are made only as of the date of this release and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. For further information, refer to our Securities and Exchange Commission filings, including our Registration Statement on Form S-1, Form 10-K and Forms 10-Q. SOURCE: Applied Films Corporation