CUPERTINO, Calif. – April 16, 2008 – Verigy Ltd. (NASDAQ: VRGY), a leading semiconductor test company, announced that its shareholders approved a share repurchase program at its Annual General Meeting yesterday. Authority has been given to Verigy Directors to acquire up to 10 percent, or approximately six million shares, of Verigy's outstanding ordinary shares.

"We are committed to increasing value to our shareholders by focusing on growth opportunities and through our share repurchase program," said Keith Barnes, Verigy chairman, chief executive officer, and president. "Since becoming a stand-alone company, we have consistently delivered best-in-class financial results, leading to a strong cash balance. As a result, we have been positioned to fund the expansion of our product platforms, pursue new growth markets and increase long-term shareholder value. We are pleased to receive shareholder approval for our repurchase program." 

Authority to repurchase shares commenced immediately following yesterday's Annual Meeting and is valid until the next Annual General Meeting of Shareholders. Purchases will be made at management discretion in compliance with applicable securities laws, and will be funded from Verigy's available cash balance. The ordinary shares will be cancelled immediately upon repurchase, lowering the total number of shares outstanding.

About Verigy
Verigy designs, develops, manufactures, sells and services advanced test systems and solutions for the memory and system-on-chip segments of the semiconductor industry. Verigy's scalable platform systems are used by leading semiconductor companies worldwide in design validation, characterization, and high volume manufacturing test. Formerly part of Agilent Technologies, the company began doing business as Verigy on June 1, 2006, and completed its initial public offering on June 13, 2006. Information about Verigy can be found at www.verigy.com.

Forward-Looking Statements
Some of the statements in the press release are forward-looking, including statements regarding the number of shares or aggregate value of the shares we may purchase under the program; our intent to improve long term shareholder value and other statements that express the company's expectations, beliefs, plans and forecasts. Words such as expect, anticipate, intend, plan, believe, estimate and variations of such words and similar expressions may identify additional forward-looking statements. These forward-looking statements are based on current information and estimates, and are not guarantees of future performance or events. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The risks and uncertainties include, but are not limited to, unforeseen changes in our financial condition, outlook or sources and uses of cash which may cause us to delay implementation of, or limit the amount purchased under, the repurchase program. The forward-looking statements are only valid as of this date, and Verigy undertakes no duty to update any forward-looking statements.


View all Verigy press releases here.

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