Exhibit 99.1


[INTEVAC LETTERHEAD]



          INTEVAC ANNOUNCES EXCHANGE OFFER FOR $18 MILLION OF ITS 6.5%
                    CONVERTIBLE SUBORDINATED NOTES DUE 2004


SANTA CLARA, CALIFORNIA, MAY 8, 2002 - Intevac, Inc. (Nasdaq: IVAC), today
announced that it is offering to exchange up to $18,000,000 of its 6.5%
Convertible Subordinated Notes due 2004 for a combination of cash, warrants and
new notes in an offering exempt from the registration requirements of the
Securities Act of 1933.


THE EXCHANGE OFFER

Under the exchange offer, for each $5,000 principal amount of its 6.5%
Convertible Subordinated Notes due 2004 (the "Existing Notes"), Intevac is
offering to exchange the following:

          -    $2,000 in cash,

          -    250 warrants, each warrant to purchase one share of its common
               stock, no par value, at an exercise price equal to $7.50 per
               share, expiring on March 1, 2006, and

          -    $1,000 principal amount of its new 6.5% Convertible Subordinated
               Notes due 2009, convertible at $10.00 per share.

The exchange offer is conditioned on at least $9,000,000 principal amount of
existing notes being tendered. Members of Intevac's management, who collectively
own $2,520,000 of the existing notes, have agreed to tender all their existing
notes in the exchange offer.

Intevac will accept up to a maximum of $18,000,000 aggregate principal amount of
existing notes under the exchange offer. If more than $18,000,000 aggregate
principal amount of the existing notes are submitted under the exchange offer,
then the notes will be exchanged pro rata, disregarding fractions, according to
the number of existing notes tendered by each holder. The exchange offer is
expected to expire at 12:00 midnight, Eastern Time, on June 5, 2002, unless
extended or earlier terminated, and to close promptly after such expiration
date.

A Schedule TO describing the exchange offer has been filed with the Securities
and Exchange Commission. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy and is issued pursuant to Rule 135c
under the Securities Act of 1933. The securities offered pursuant to the
exchange offer have not been and will not be registered under the Securities Act
of 1933, and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.