PHTN Photon Dynamics (MM)

SAN JOSE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Photon Dynamics, Inc. (NASDAQ:PHTN) announced that the principal remaining closing condition to its merger with Orbotech Ltd., other than conditions that by their nature may only be satisfied at or immediately prior to the closing, is clearance by the Committee on Foreign Investment in the United States ("CFIUS"). The waiting period for CFIUS currently expires on September 29, 2008, although a response may be issued on an earlier date. Photon Dynamics and Orbotech are actively cooperating with CFIUS in its review of the transaction. About Photon Dynamics, Inc. Photon Dynamics, Inc. (NASDAQ:PHTN) is a global supplier utilizing advanced machine vision technology for market leading Liquid Crystal Display (LCD) flat panel display test and repair systems and for high performance digital imaging systems for defense, surveillance, industrial inspection and medical imaging applications. For more information about Photon Dynamics, visit its website at http://www.photondynamics.com/. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Photon Dynamics or its management "expects," "believes," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, projections, plans, intentions or goals also are forward-looking statements. All such forward- looking statements are based on current expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include but are not limited to the risk that not all of the closing conditions to the merger will be satisfied. As a result, actual results may differ substantially from expectations. Photon Dynamics undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise. DATASOURCE: Photon Dynamics, Inc. CONTACT: So-Yeon Jeong, Vice President, Investor Relations and Marketing Communications of Photon Dynamics, Inc., +1-408-360-3084, Web site: http://www.photondynamics.com/

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