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Camtek Announces Definitive Agreement to Sell its PCB Business for up to $35 Million

Camtek Ltd. (NASDAQ: CAMT and TASE: CAMT), today announced that it has signed a definitive agreement with an affiliate of Principle Capital, a Shanghai-based private-equity fund, to sell its PCB business for $35 million, of which $32 million will be paid in cash upon closing and an additional amount of up to $3 million conditioned upon the PCB business' financial performance in 2018. The worldwide PCB organization is expected to remain intact, including the R&D operations which are planned to continue operating from Israel with its Israeli personnel.

The definitive agreement contains customary representations, warranties, covenants and indemnity obligations. Subject to customary closing conditions, including regulatory and third-party approvals, the closing is expected during the third quarter of 2017. Following the closing Camtek will cease to report the results of its PCB business. The PCB business will be included as discontinued operations in Camtek's financial statements for the second quarter 2017 results and until the date of closing. Results for the second quarter of 2017 are expected to be released on August 3, 2017.

Rafi Amit, Camtek's CEO, commented, "This agreement is in line with our long-term strategy. Camtek will become a pure-play semiconductor inspection and metrology focused company, where we see many growth opportunities ahead. Our...


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