Novanta Inc. (Nasdaq: NOVT) (the "Company" or "Novanta"), a trusted
technology partner to medical and advanced technology equipment
manufacturers, announced today that the Company's Chairman of the
Board, Stephen W. Bershad, has sold 500,000 common shares, representing
approximately 22% of his holdings in the Company. Mr. Bershad will
continue in his role as Chairman of the Board, and continues to hold
1,808,010 shares immediately following this sale.
"I'm very proud of what our management team has accomplished over the
past 7 years. Today, we have a clear vision of where we are going and
the human and financial resources necessary to get there," said Mr.
Bershad. "I am selling a portion of my Novanta holdings primarily for
estate planning purposes. However, I intend to continue to have a
significant ownership position in Novanta stock and maintain my role as
Chairman of the Board," Mr. Bershad added. "I have never been more
optimistic about the Company's ability to accomplish its strategic
growth objectives," concluded Mr. Bershad.
Safe Harbor and Forward-Looking Information
Certain statements in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995 and are based on current expectations and assumptions that are
subject to risks and uncertainties. All statements contained in this
news release that do not relate to matters of historical fact should be
considered forward-looking statements, and are generally identified by
words such as "expect," "intend," "anticipate," "estimate," "believe,"
"future," "could," "should," "plan," "aim," and other similar
expressions. These forward-looking statements include, but are not
limited to, statements regarding Mr. Bershad's intention to remain
Chairman of the Board and to continue to hold a significant ownership
position in the Company; optimism regarding accomplishing strategic
growth objectives; beliefs regarding having the resources necessary to
achieve the Company's strategic vision; and other statements that are
not historical facts.
These forward-looking statements are neither promises nor guarantees,
but involve risks and uncertainties that may cause actual results to
differ materially from those contained in the forward-looking
statements. Our actual results could differ materially from those
anticipated in these forward-looking statements for many reasons,
including, but not limited to, the following: economic and political
conditions and the effects of these conditions on our customers'
businesses and level of business activity; our significant dependence
upon our customers' capital expenditures, which are subject to cyclical
market fluctuations; our dependence upon our ability to respond to
fluctuations in product demand; our ability to continually innovate and
successfully commercialize our innovations; failure to introduce new
products in a timely manner; customer order timing and other similar
factors beyond our control; disruptions or breaches in security of our
information technology systems; changes in interest rates, credit
ratings or foreign currency exchange rates; risks associated with our
operations in foreign countries; risks associated with increased
outsourcing of components manufacturing; our failure to comply with
local import and export regulations in the jurisdictions in which we
operate; negative effects on global economic conditions, financial
markets and our business as a result of the United Kingdom's impending
withdrawal from the European Union and the 2016 U.S. presidential
election; our reliance on third party distribution channels; violations
of our intellectual property rights and our ability to protect our
intellectual property against infringement by third parties; risk of
losing our competitive advantage; our failure to successfully integrate
recent and future acquisitions into our businesses; our ability to
attract and retain key personnel; our restructuring and realignment
activities and disruptions to our operations as a result of
consolidation of our operations; product defects or problems integrating
our products with other vendors' products; disruptions in the supply of
certain key components or other goods from our suppliers; production
difficulties and product delivery delays or disruptions; our compliance,
or our failure to comply, with various federal, state and foreign
regulations including rules and regulations issued by the U.S. Food and
Drug Administration and similar international agencies; changes in
governmental regulation of our businesses or products; effects of
conflict minerals regulations; our failure to comply with environmental
regulations; our failure to implement new information technology systems
and software successfully; our failure to realize the full value of our
intangible assets; our exposure to the credit risk of some
of our customers and in weakened markets; our reliance on third party
distribution channels; changes in tax laws, and fluctuations in our
effective tax rates; being subject to U.S. federal income taxation even
though we are a non-U.S. corporation; any need for additional capital to
adequately respond to business challenges or opportunities and repay or
refinance our existing indebtedness, which may not be available on
acceptable terms or at all; volatility in the market price for our
common shares; our ability to access cash and other assets of our
subsidiaries; the influence over our business of certain significant
shareholders; provisions of our articles of incorporation may delay or
prevent a change in control; our significant existing indebtedness
limiting our ability to engage in certain activities; and our failure to
maintain appropriate internal controls in the future.
Other important risk factors that could affect the outcome of the
events set forth in these statements and that could affect the Company's
operating results and financial condition are discussed in Item 1A of
our Annual Report on Form 10-K for the fiscal year ended December 31,
2016, our subsequent filings with the Securities and Exchange Commission
("SEC"), and in our future filings with the SEC. Such statements are
based on the Company's beliefs and assumptions and on information
currently available to the Company. The Company disclaims any obligation
to update any forward-looking statements as a result of developments
occurring after the date of this document except as required by law.
About Novanta
Novanta is a leading global supplier of core technology solutions that
give healthcare and advanced industrial original equipment manufacturers
("OEMs") a competitive advantage. We combine deep proprietary technology
expertise in photonics, vision, and precision motion with a proven
ability to solve complex technical challenges. This enables Novanta to
engineer core components and sub-systems that deliver extreme precision
and performance, tailored to our customers' demanding applications. The
driving force behind our growth is the team of innovative professionals
who share a commitment to innovation and customer success. Novanta's
common shares are quoted on Nasdaq under the ticker symbol "NOVT."
More information about Novanta is available on the Company's website at www.novanta.com.
For additional information, please contact Novanta Inc. Investor
Relations at (781) 266-5137 or InvestorRelations@novanta.com.