Cree Receives $22 Million in Additional LED Orders
Company Believes Infringement Allegation Against Older LED Product is Groundless
Durham, NC. Cree Research, Inc. (Nasdaq: CREE), the world s leader in the development and manufacturer of semiconductor materials and electronic devices made from silicon carbide (SiC), announced today that it has received several new orders, primarily from Taiwanese customers, valued at $22 million for light emitting diode (LED) devices. These purchase commitments target new and emerging applications, including cellular phones and other consumer products. These orders add to Cree s backlog and increase its sales visibility into December 2000.
Chuck Swoboda, president and chief operating officer commented, "The new orders we ve received strengthen Cree s position as a market leader in high brightness LED technology. Cellular phone markets provide some of the fastest growing new opportunities for our products and continue to expand the breadth of our customer and application base, particularly in Taiwan."
The company also announced that one of its distributors of its LED products in Japan, Sumitomo Corporation, notified Cree this week that Sumitomo has been named in a lawsuit brought by Nichia Corporation. The suit, filed in Tokyo District Court, alleges infringement of a patent issued to Nichia in Japan and seeks an injunction that, if granted, would preclude Sumitomo from selling Cree s older, standard brightness blue LED product in Japan.
Management believes the infringement allegation is without merit and that the lawsuit is motivated by competitive factors. Cree is assisting Sumitomo in defending the case in accordance with the terms of the parties distributorship agreement.
North Carolina-based Cree Research, Inc. is the world leader in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide. The company uses proprietary technology to make enabling compound semiconductors such as blue and green LEDs, microwave transistors for use in wireless base stations and radar, SiC crystals used in the production of unique gemstones and SiC wafers that are sold for research. Cree has new product initiatives based on its experience in SiC, including blue laser diodes for optical storage applications and high power devices for power conditioning and switching. For more information on Cree, visit http://www.cree.com.
This press release contains forward-looking statements that are subject to various risks and uncertainties, such as the risk our customers may not fulfill purchase commitments; the risk we may be unable to increase capacity quickly enough to meet delivery obligations; the risk of an unfavorable outcome in the litigation described above and general risks associated with intellectual property claims; and other factors discussed in our filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended June 27, 1999. Such factors could cause actual results could differ materially from the forward-looking statements.
Contact: Fran Barsky, Investor Relations Manager of Cree Research, Inc., Tel: 919-313-5397; Fax: 919-313-5452
Fran Barsky, Investor
Relations Manager of Cree Research, Inc., Tel: 919-313-5397; Fax: 919-313-5452
Web site: http://www.cree.com
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