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Intevac to Acquire Creative Display Systems

October 29, 2007

CDS' advanced near-eye display technology complements sensor and camera technologies of Intevac's imaging business.


SANTA CLARA, CA--(BUSINESS WIRE)--Intevac, Inc. (Nasdaq:IVAC) announced it has signed a definitive asset purchase agreement to acquire Creative Display Systems, LLC (CDS), a Carlsbad, CA company that specializes in high-performance micro-display products for near-eye and portable applications in defense and commercial markets.

CDS was formed early in 2006 by a core team of business and technology leaders having extensive experience in micro-display systems involving a human-display interface, chiefly for medical and military applications. The company's portfolio of intellectual property includes key patent applications relating to CDS' innovative eyeglass-mounted display systems, which provide high definition and a wide field-of-view in miniaturized, light-weight and portable designs.

"CDS has quickly established itself as a leader in high-performance micro-display technology, which is an excellent complement to Intevac Imaging's core competencies in night vision system products and miniature Raman instruments," stated Joe Pietras, vice president and general manager of Intevac's Imaging Instrumentation business. "CDS brings outstanding technical and business capabilities to Intevac that will enhance our penetration into key military and commercial markets."

"Becoming a part of Intevac's growing Imaging Instrumentation business is a natural fit for CDS," said CDS founder Jerry Carollo, who becomes vice president and general manager of Intevac's CDS division. "Together, we have a tremendous opportunity to expand our markets, achieve significant advancements in display technology and develop new military and commercial display capabilities not available in the market today."

CDS will be operated as a division of Intevac based in Carlsbad, CA. The transaction, which is subject to certain closing conditions, is anticipated to close within 30 days.

About Creative Display Systems
Creative Display Systems (CDS) provides innovative display solutions for both the military and commercial markets. With experience in miniature high-performance optics, electronics, human factors and packaging, CDS develops and produces novel display system solutions for demanding applications. CDS is a leader in design, development and manufacture of near-eye display and micro-display engine products serving such diverse markets as medical, industrial, commercial, digital cinema and the military including training & simulation.

About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and Imaging Instrumentation.

Equipment Business: Intevac is a leader in the design, manufacture and marketing of high-productivity "lean" manufacturing systems and has been producing "Lean Thinking" platforms since 1994. We are the leading supplier of magnetic media sputtering equipment to the hard disk drive industry and offer leading-edge, high-productivity etch systems to the semiconductor industry.

Imaging Instrumentation Business: Intevac is a leader in the development of leading-edge, high-sensitivity imaging products and miniature Raman instruments. We provide sensors, cameras and systems for government applications such as night vision and long-range target identification and we provide cameras and Raman systems to the industrial, physical science and life science markets.

For more information call 408-986-9888, or visit Intevac's Web site.


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