Exhibit 99.1
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3560 Bassett Street, Santa Clara CA 95054
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Charles Eddy
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Claire McAdams
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Chief Financial Officer
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Headgate Partners LLC
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(408) 986-9888
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(530) 274-0551
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INTEVAC, INC. ANNOUNCES PLANNED RETIREMENT OF CHARLES EDDY
AND SETS CFO TRANSITION PLAN
Jeff Andreson joining Intevac to succeed Charles Eddy
Santa Clara, Calif. May 21, 2007 Intevac, Inc. (Company) (Nasdaq: IVAC) today announced that
Charles B. Eddy, the Companys chief financial officer, plans to retire in August 2007. Jeff
Andreson will join the Company as executive vice president of finance on June 18, 2007 and will
succeed Mr. Eddy as chief financial officer on August 13, 2007. In the interim months, Mr. Andreson
and Mr. Eddy will work together to ensure a smooth transition.
Mr. Eddy will continue to work
for the Company on a part-time basis after he retires.
Charles B. Eddy has served as Intevacs chief financial officer, secretary and treasurer since
1991, when the Company was formed in a leveraged buyout from Varian Associates.
Jeff Andreson, 45, is joining Intevac from Applied Materials, Inc., where he has served as managing
director and controller of the Applied Global Services product group. Since joining Applied
Materials in 1995, Mr. Andreson has held a number of senior financial positions, including managing
director, Global Financial Planning and Analysis; controller, Metron subsidiary; controller, North
American Sales and Service; and controller, Volume Manufacturing. From 1989 through 1995, Mr.
Andreson held various roles at Measurex Corporation. Mr. Andreson holds an M.B.A. from Santa Clara
University and a B.S. in Finance from San Jose State University.
I have worked with Jeff in the past, as have a number of my staff, and we are very excited that
Jeff has decided to join the Intevac team, commented Kevin Fairbairn, chief executive officer of
Intevac. Jeff has the background and industry experience to provide sound financial leadership for
Intevac as we work towards our goal of creating a one billion dollar revenue company.
Charley has been instrumental in building Intevacs strong financial foundation and enhancing our
relationship with the investor community, added Mr. Fairbairn. He will continue to be a key
member of the executive team and lead his organization through an orderly transition into the third
quarter. The Board, the Intevac team and I would like to thank Charley Eddy for his financial
stewardship of Intevac over the last sixteen years and wish him and his family the very best in
retirement.
About Intevac
Intevac is the worlds leading supplier of magnetic media sputtering equipment for the hard disk
drive industry and a developer and provider of leading-edge extreme low-light imaging sensors,
cameras, and systems. For more information call 408-986-9888, or visit the Companys website at
www.intevac.com
Safe Harbor Statement
This press release includes statements that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the Reform Act). Intevac
claims
the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms may, believes, projects,
expects, or anticipates, and do not reflect historical facts. Specific forward-looking
statements contained in this press release include, but are not limited to, CFO succession plans
and long-term revenue targets. The forward-looking statements contained herein involve risks and
uncertainties that could cause actual results to differ materially from the Companys expectations.
These risks include, but are not limited to: failure of the CFO succession plan to occur as
planned, or failure of the Company to achieve its long-term annual revenue goal, each of which
could have a material impact on our business, our financial results, and the Companys stock price.
These risks and other factors are detailed in the Companys regular filings with the U.S.
Securities and Exchange Commission.
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