Ultratech Says ISS Reached Wrong Conclusion On Its Director Nominees

(RTTNews) - Ultratech Inc. (UTEK) said it strongly believes that Institutional Shareholder Services or "ISS" reached the wrong conclusion in failing to recommend that stockholders vote "FOR" all seven of Ultratech's director nominees at the Company's 2016 Annual Meeting of Stockholders, to be held on July 19, 2016.

Ultratech believed ISS' analysis is flawed and reflected a fundamental misunderstanding of Ultratech's business, performance and cyclical nature of its industry. The company encouraged stockholders to look closely at the facts to understand the actions the Company has already taken.

Ultratech strongly urged Ultratech stockholders to protect the value of their investment by voting "FOR" all seven of the Company's director nominees on the WHITE proxy card today.

Separately, Neuberger Berman announced that Institutional Shareholder Services has recommended that Ultratech stockholders vote on Neuberger Berman's GOLD proxy card to elect both of Neuberger Berman's experienced and highly qualified nominees, Ronald Black and Beatriz Infante, to the Ultratech Board of Directors at this year's Annual Meeting.

Neuberger Berman LLC and certain of its affiliates that manage investment funds and client accounts that collectively own approximately 7.6% of the outstanding stock of Ultratech has nominated two independent directors for the Board of Ultratech.

In its report, ISS was critical of the Board's oversight of strategy and the execution of strategy, setting executive compensation, planning for management succession, and corporate governance practices.