Asyst Technologies to File Voluntary Chapter 11 Petition, Related Filings in Japan

Company Expects to Continue Operations As It Seeks to Maximize Value of its
Assets for Stakeholders
FREMONT, Calif.--(Business Wire)--
Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated
automation solutions that enhance semiconductor and flat panel display
manufacturing productivity, announced that it expects to file today a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code. The company`s Japanese
subsidiaries, Asyst Technologies Japan Holdings Company, Inc. and Asyst
Technologies Japan, Inc., earlier today entered into related voluntary
proceedings under Japan`s Corporate Reorganization Law (Kaisha Kosei Ho).

As a result of the global economic recession, demand for semiconductor
manufacturing equipment has declined dramatically. Over the past several months,
the company has undertaken significant efforts to reduce its expense structure
and working capital requirements in response to these unprecedented conditions.
These efforts have included significant decreases in non-labor expenses, work
force reductions, executive salary cuts, reductions in benefits, and mandatory
time off. As a result, the company has significantly reduced its cash breakeven
level. The company also has been exploring strategic alternatives, including a
sale of the company and/or significant asset sales, which would maximize value
on behalf of all of the company`s stakeholders. However, recent delays in
customer projects and related cash collections, a constriction in available
borrowing from lenders, acceleration of vendor payment obligations, and
inability to generate sufficient cash flow or identify new sources of liquidity
have caused the company to seek bankruptcy protection in order to be better able
to manage its operations through a restructuring process.

Through its Chapter 11 case, the company intends to effectuate a disposition of
its assets or other strategic alternative that will maximize value for all
constituencies. The company expects to continue essential operations, including
product support, service and warranty programs, during this process.
Importantly, the parallel bankruptcy proceedings in the U.S. and Japan will
permit the company to preserve the going concern value of its assets in order to
minimize any impact or disruption to the company`s continued ability to develop,
maintain, and service its intellectual property.

The initiation of these proceedings in the United States and Japan are events of
default under Asyst`s senior secured term and revolving credit agreement with
KeyBank National Association, as lead manager and administrative agent, and
under lines of credit from Japanese banks previously available to our
subsidiaries in Japan, as well as other agreements to which Asyst and subsidiary
entities are a party. These defaults automatically accelerated the outstanding
indebtedness under the term loan and revolving credit agreements and lines of
credit.

The company is seeking Court approval of a stipulation with KeyBank National
Association, agent for the company`s lenders under its principal credit
facility, permitting the company`s use of cash collateral during its bankruptcy
case. The company is also evaluating sources of debtor-in-possession financing
to provide additional liquidity during the Chapter 11 process.

Forward Looking Statements

Except for statements of historical fact, the statements in this release are
forward-looking. Forward-looking statements include information concerning our
Chapter 11 filing, prospects for restructuring our debt, reorganizing or
continuing our business, and fulfilling our contractual obligations, and the
financial and other goals of our headcount reductions. All forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results to differ materially from the statements made.

The risks and uncertainties related to the reorganization proceedings in Japan
and Chapter 11 filing in the United States include risks that:

* these proceedings could have a material negative impact on our global
business, results of operations, financial condition, cash management
capability, and relationships with employees, customers, suppliers, and contract
manufacturers;
* we may not be able to obtain initial and subsequent court orders on desired
terms, including our ability to use available cash to meet essential ongoing
obligations; we may not have sufficient cash to fund our operations and may not
be able to obtain additional financing on desired terms or court approvals
required for such financing, if any, that may be available; a court having
jurisdiction over our operations may issue orders or otherwise act or omit to
act in a manner that adversely affects our operations; and Asyst may not obtain
timely the requisite approvals of affected creditors or the applicable courts
for our intended restructuring plan, leading to the liquidation of Asyst's
assets;
* Asyst`s common stock will likely have no future value and may be cancelled in
connection with the bankruptcy proceeding;
* the staff of the NASDAQ Stock Market will likely send Asyst a letter soon
after the bankruptcy filing to the effect that our common shares will be
delisted from the NASDAQ Global Market unless we timely request a hearing and
obtain relief from delisting; NASDAQ may suspend trading in our shares; we may
decide not to seek a hearing, which would lead to a delisting of our shares in
the near future; and even if we do elect a hearing, our efforts to avoid
delisting may not be successful and our shares would then be delisted;
* we may not be able to continue our operations and restructure successfully
during the pendency of the reorganization and bankruptcy proceedings, which
could affect our ability to attract a buyer for the businesses or assets of the
company (or the consideration a buyer would be willing to pay for the businesses
or assets of the company);
* these proceedings and a delisting of our shares from NASDAQ could lead to
reduced information in reports that we file with the SEC during the proceedings
if we obtain "no action" relief from the SEC staff for that purpose, or,
alternatively, could lead to circumstances in which we are no longer required to
file any reports or other documents under the Securities Exchange Act of 1934;
* the anticipated cost savings related to reductions in force, temporary
furloughing of employees and other measures we have taken or may take in the
future may be insufficient to allow us enough time to achieve an orderly
disposition of our assets or a sale or merger of the company; and
* the instability of the global economy and an inability to obtain
debtor-in-possession financing in the credit markets may adversely affect
prospects for achieving or sustaining essential operations during the course of
an orderly disposition of our assets or a sale or merger of the company.

Other risks that may adversely affect our business, results of operations,
financial condition and prospects for restructuring include, but are not limited
to: our ability to achieve forecasted cost reductions, revenues, margins and
profitability; failure to respond to rapid demand shifts; dependence on a few
significant customers; the timing and scope of decisions by customers to
transition and expand fabrication facilities and investment in fab automation
equipment; ability to maintain or expand market share in our product segments;
ability to improve gross margins through product cost reduction, volume
increases, and supply chain initiatives; continued risks associated with the
acceptance of new products and product capabilities; the volatility of
semiconductor industry cycles and the depth and duration of industry downturns;
the risk that customers will delay, reduce or cancel planned projects or
bookings and thus delay the recognition, amount, or timing of our forecasted
revenue or bookings; competition in the semiconductor equipment industry and
specifically in AMHS; failure to retain and attract key employees; and other
factors more fully detailed in the company's Annual Report on Forms 10-K and
10-K/A for the year ended March 31, 2008, and other reports filed with the
Securities and Exchange Commission.

About Asyst

Asyst Technologies, Inc. is a leading provider of integrated automation
solutions that enable semiconductor and flat panel display (FPD) manufacturers
to increase their manufacturing productivity and protect their investment in
materials during the manufacturing process. Encompassing isolation systems,
work-in-process materials management, substrate-handling robotics, automated
transport and loading systems, and connectivity automation software, Asyst`s
modular, interoperable solutions allow chip and FPD manufacturers, as well as
original equipment manufacturers, to select and employ the value-assured,
hands-off manufacturing capabilities that best suit their needs. Asyst`s
homepage is http://www.asyst.com

"Asyst" is a registered trademark, of Asyst Technologies, Inc.Copyright
1993-2009, Asyst Technologies, Inc. All Rights Reserved.

Asyst Technologies, Inc.
John Swenson, 510-661-5000
Vice President, Investor Relations & Corporate Treasurer

Copyright Business Wire 2009