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Migdal Haemek, Israel — Camtek Ltd. has received a tax assessment, which it disputes, from the Israeli income tax authorities with respect to the 1999, 2000 and 2001 tax years, pursuant to which the tax authorities assert that Camtek owes tax on its annual revenues in the amounts of $500,000, $4.5 million and $1.7 million, respectively.
Camtek disputes these assessments on both factual and legal grounds. Camtek is entitled to file an objection to these assessments before the tax assessor, and intends to do so. Any decision by the tax assessor with respect to the objection may, in turn, be appealed to the district court.
Camtek Ltd. designs, develops, manufactures and markets technologically advanced and cost-effective intelligent optical inspection systems and related software products, used to enhance processes and yields for the printed circuit boards, semiconductor packaging and microelectronics industries. For more information, visit www.camtek.co.il.