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American Xtal Technology Named One of Forbes' 200 Best Small Companies

Fremont, CA. American Xtal Technology (Nasdaq: AXTI), a leading manufacturer of substrates for compound semiconductors, today announced that it has been ranked among Forbes Magazine s "200 Best Small Companies," published in November.

Forbes analyzed 6,000 companies with sales between $5 million and $300 million for its 21st annual ranking. To make the list, companies had to have earnings growth of at least 10 percent, revenue growth in the latest fiscal year of 10 percent, and a five-year annual average growth rate of 10 percent.

"We are very proud to be included among such an impressive list of companies," said Morris Young, president and chief executive officer. "We believe that our strong financial performance is the result of the high standards of excellence that we seek to achieve in the quality of our products and the responsiveness of our service. We believe that this award represents accomplishment at every level of our company," he said.

About American Xtal Technology

American Xtal Technology designs, develops, manufactures and markets high-performance substrates for the communications industry. Its Lyte Optronics subsidiary is a leading producer of diodes for laser pointers and light-emitting diodes (LEDs) for the display and lighting industries. The company s proprietary Vertical Gradient Freeze (VGF) crystal growth technology produces low-defect, semi-insulating and semi-conducting gallium arsenide, germanium and indium phosphide wafers. The company has also introduced silicon carbide and gallium nitride substrates for manufacturing blue LEDs. For more information, see American Xtal Technology s website at www.axt.com. The company can also be reached at 4281 Technology Drive, Fremont, California 94538 or call 510-683-5900. American Xtal Technology is traded on the Nasdaq National Market under the symbol AXTI.

This press release contains forward-looking statements regarding, among other matters, the Company s future financial performance and the potential benefits of the Company s agreement acquisition of Lyte Optronics. Forward-looking statements address matters which are subject to a number of risks and uncertainties. In addition to the general risks associated with the development of complex technology, future results of the Company will depend on a variety of factors, including, among others, the successful integration of the Lyte Optronics operations, the continuing impact of the economic slowdown in Asia on the Company s customers, the timing of significant orders, unexpected cancellations or returns by customers, the ability of the Company to bring new products to market, the timing of new product releases and product announcements by the Company s competitors and other competitive factors. Reference is made to the Company s filings with the Securities and Exchange Commission, including the Company s annual report on Form 10-K for the year ended December 31, 1998 and the Company s filings on Form 10-Q and 8-K for further discussion of risks and uncertainties regarding the Company s business.

Contact: Guy Atwood of American Xtal Technology, Inc., Tel: 510-683-5900; or Leslie Green of Stapleton Communications Inc., Tel: 650-470-4222

Guy Atwood of American
Xtal Technology, Inc., Tel: 510-683-5900; or Leslie Green of Stapleton Communications
Inc., Tel: 650-470-4222
Web site: http://www.axt.com
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