SOURCE: Credence Systems Corporation

August 13, 2007 08:30 ET

Credence Strengthens Executive Team With Key New Hire

Company Names Industry Veteran, Amir Aghdaei, as Senior Vice President of Field Operations and Marketing

MILPITAS, CA--(Marketwire - August 13, 2007) - Credence Systems Corporation (NASDAQ: CMOS), a leading provider of test solutions from design to production for the worldwide semiconductor industry, today named Amir Aghdaei as senior vice president, field operations and marketing. A long-time Agilent and Hewlett-Packard executive, Aghdaei will assume the position immediately and will report to Lavi Lev, president and chief executive officer of Credence. In his new role, Aghdaei will lead the company's worldwide field operations and marketing groups as the company focuses on increasing its presence in key market segments, including Japan and Taiwan.

"Amir's broad experience in the semiconductor equipment space, where he successfully set strategic direction for global teams, and built robust infrastructures for a wide variety of functional organizations, will be a tremendous asset to Credence," said Lev. "He brings a successful record of implementing profitable and highly efficient programs in many parts of the world, especially Asia, which we will leverage to better serve our customers and grow our business. I am very pleased to have Amir as a key member of the Credence management team."

Aghdaei's career includes more than 20 years of providing leadership and strategic direction at leading technology companies. Most recently he served as general manager and vice president of the Measurement Systems Division, Electronics Measurement Group, at Agilent Technologies -- a position he held since 2000. Prior to that, he held executive-level positions at Agilent Technologies and Hewlett Packard. He began his career at IBM. Aghdaei holds an MBA degree from the University of Delaware, an M.S. degree in Applied Mathematics and Computer Science from Georgia State University, and a B.S. degree in Industrial Engineering from the Science and Technology University of Iran.

Credence also announced the grant of an employment inducement stock option award to Aghdaei on August 13, 2007. Aghdaei may purchase up to 270,000 shares of the Company's common stock at an exercise price of $2.27 per share pursuant to an inducement stock option. The shares subject to the stock option vest over a four-year period.

About Credence

Credence Systems Corporation is a leading provider of debug, characterization & ATE solutions for the global semiconductor industry. With a commitment to applying innovative technology to lower the cost-of-test, Credence delivers competitive cost & performance advantages to integrated device manufacturers (IDMs), wafer foundries, outsource assembly & test (OSAT) suppliers & fabless chip companies worldwide. A global, ISO 9001-certified company with a presence in 20 countries, Credence is headquartered in Milpitas, California. More information is available at

Forward-Looking Statements

This release contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding increasing our presence in key market segments, including Japan and Taiwan, Mr. Aghdaei's experience in the semiconductor equipment space being a tremendous asset to us and leveraging Mr. Aghdaei's successful record of implementing profitable and highly efficient programs in many parts of the world to better serve our customers and grow our business. These forward-looking statements involve important factors that could cause our actual results to differ materially from those in the forward-looking statements. Such important factors involve risks and uncertainties including, but not limited to, the volatility of the trading price of our stock, the introduction of new product features including new instruments, the completion, delivery and acceptance by customers of such new product features, the need to focus on different aspects of our business to improve stockholder value, unanticipated challenges in assessing business conditions and the overall market, unanticipated difficulties in implementing improvements to our business model, cyclicality and downturns in the semiconductor industry, rapid technological change in the automatic test equipment market, the timing of new technology, product introductions, customer requirements relating to the customization of products, the risk of a loss or reduction of orders from one or more customers among which our business is concentrated, fluctuation in customer demand, timing and volume of orders and shipments, competition and pricing pressures, reliability and quality issues, our ability to complete the development and commercialization of our new products, product mix, overhead absorption, continued dependence on "turns" orders to achieve revenue objectives, intellectual property issues, the risk of early obsolescence, our ability to control and reduce expenses (including the ability to identify and successfully institute additional cost-saving measures) and our need to achieve and maintain effective internal controls over financial reporting. Reference is made to the discussion of risk factors detailed in our filings with the Securities and Exchange Commission, including our reports on Form 10-K and 10-Q. All projections in this release are based on limited information currently available to us, which is subject to change. Although any such projections and the factors influencing them will likely change, we will not necessarily update the information, since we are only to provide guidance at certain points during the year. Actual events or results could differ materially and no reader of this release should assume later in the quarter that the information provided today is still valid. Such information speaks only as of the date of this release.