EMCORE Announces Receipt of Export License and Commences Commercial Shipments of Solar Cells
The present license enables EMCORE to fill the commercial volumes required under its Long-Term Supply Agreement with Space Systems Loral
Somerset, NJ, USA. EMCORE Corporation (Nasdaq:EMKR) today announced that it has received an export license from the US State Department permitting it to export up to 300,000 high-efficiency solar cells for panel lay down in Japan and shipment back to the U.S. While initial shipments had been made under previous export licenses, the present license enables EMCORE to fill the commercial volumes required under its Long-Term Supply Agreement with Space Systems Loral. EMCORE also entered into a Technical Assistance Agreement with Loral and Mitsubishi Electric Corporation.
EMCORE plans to start shipping cells as early as December 1999. The majority of solar cell shipments are scheduled for the second fiscal quarter, which ends March 31, 2000. "We are very happy that we have received our export license from the State Department," commented Reuben Richards, President and CEO. "We are especially thankful for the help and advice that we have received from Senator Domenici s office during this process. Now that we have our export license, we are excited to begin shipping solar cells for Loral. Our photovoltaic division has the production capability and technical expertise to meet Loral s product delivery schedule. From December 1999 to March 31, 2000, we expect to recognize approximately $7,000,000 in revenue from shipment of our high-efficiency solar cells."
EMCORE Corporation is the leading vertically integrated materials science Company in the field of compound semiconductors. EMCORE offers comprehensive solutions for the compound semiconductor industry and its customers by operating six internal divisions: EMCORE Research & Applications Laboratory, TurboDisc® production systems, EMCORE Electronic Materials (E²M) epitaxial wafer foundry, and EMCORE Electronic Devices (E²D), MODE, and EMCORE Photovoltaic discrete device fabs. For further information about EMCORE, visit http://www.emcore.com.
The information provided herein may contain forward-looking statements relating to future events that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are cancellations, rescheduling or delays in product shipments; delays in obtaining export licenses for product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; the future financial performance of the Company and its Joint Ventures; delays in developing and commercializing new products; increased competition; labor actions against the Company s customers or vendors; changes in the compound semiconductor industry, including overall growth of the industry and the continued acceptance of the Company s MOCVD technologies; and other factors detailed in the Company s filings with the Securities and Exchange Commission, including the registration statement on Form S-3 filed on June 9, 1999.
For more information contact:
Tom Miehe, VP Marketing and Sales EMCORE Corporation, Somerset NJ +1 732-271-9090 ext: 4188 Email: Tom_Miehe@Emcore.com
Tom Miehe, VP Marketingand Sales EMCORE Corporation, Somerset NJ +1 732-271-9090 ext: 4188 Email: Tom_Miehe@Emcore.com
E-mail: Tom_Miehe@Emcore.com
Web site: http://www.emcore.com
