FREMONT, Calif., Nov. 19, 2004 – Asyst Technologies, Inc. (Nasdaq NM: ASYT), as required by Nasdaq, today announced that it received a letter from the Nasdaq Listing Qualifications Department on November 16, 2004, indicating that Asyst is not in compliance with the filing requirements for continued listing on Nasdaq as set forth in Nasdaq Marketplace Rule 4310(c)(14). This is because of the company’s previously announced delay in filing its Quarterly Report on Form 10-Q for its fiscal second quarter ended Sept. 25, 2004.

Nasdaq has begun a process that could eventually lead to de-listing of the company’s common stock on the Nasdaq National Market. However, the Nasdaq letter indicates that, if the company makes a timely request for a hearing before a Nasdaq Listings Qualifications Panel to address the filing delay, the de-listing is postponed pending the Panel’s decision. Asyst intends to make a timely request for such a hearing. Asyst hopes to remedy its filing delay before Nasdaq would effect the de-listing of Asyst’s common shares, but Asyst cannot assure that the Panel will grant a request for continued listing. Reflecting that the company is not currently in compliance with these listing standards, the trading symbol for Asyst’s common stock changed from “ASYT” to “ASYTE” at the opening of business on November 18, 2004. These matters also were reported in a Form 8-K filed on November 19, 2004.

Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to: uncertainties related to ASI’s ability to remedy difficulties in its information system and financial closing processes and to avoid future irregularities in its business practices or delays in its inventory reconciliation and quarter-end closing processes; we will not be able to recognize in the future all of the revenue we previously anticipated from certain customer contracts; the notice of potential de-listing that we received from Nasdaq and the need to seek from Nasdaq an extension of time to file our second quarter Form 10-Q in order to avoid possible de-listing of our common stock from the Nasdaq National Market, and uncertainties that may be associated with any hearing or appeals that seek to avoid de-listing for failure to file timely periodic reports with the SEC; uncertainties relating to the time needed by us to complete the Form 10-Q and by our independent auditors to complete their review of the Form 10-Q; uncertainty as to when the Form 10-Q will be filed; uncertainties associated with lawsuits that might be filed against Asyst, ASI and/or their management as a result of the matters discussed above; whether or not the SEC will commence an inquiry and/or investigation into these or other matters affecting Asyst; the possibility of management and employee changes at ASI that may adversely impact ASI operations, customer relations and completion of customer projects; possible uncertainty whether the final resolution and reconciliation of previously announced matters could relate to historical financial statements, including revenue and expenses reported in prior periods, and could require a review or restatement of such financial statements and/or reported revenue and expenses; the possibility that these or other matters within ASI could comprise a material weakness in the company’s internal controls over its consolidated financial reporting, which could prevent the company timely meeting its future reporting requirements including timely certification under Section 404 of the Sarbanes-Oxley Act of 2002; volatility in our stock price pending resolution of or resulting from the matters discussed above; the volatility of semiconductor industry cycles; our ability to achieve forecasted revenues and maintain and improve gross margins through outsourced manufacturing, to reduce operating expenses, and to manage cash flows (and the timing and degree of any such improvements in gross margins, reductions in operating expenses and management of cash flows); failure to respond to rapid demand shifts; dependence on a few significant customers; the transition of the industry from 200mm wafers to 300mm wafers and the timing and scope of decisions by manufacturers to transition and expand fabrication facilities; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to integrate in an efficient and timely manner acquired companies and to complete planned restructuring and outsourcing programs; failure to retain and attract key employees; and other factors more fully detailed in the company’s annual report on Form 10-K for the year ended March 31, 2004, and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.