Cree Receives $14 Million in New Asian LED Orders
DURHAM, N.C. 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 new orders, from customers in several Asian countries, totaling $14 million for light emitting diode (LED) devices. These new LED orders will be filled in the current and next fiscal year utilizing the company s high brightness products for applications targeting displays, cellular phones and other consumer products.
Neal Hunter, chairman and chief executive officer stated, "We are pleased to book these additional orders as they confirm our expectations of the demand for high brightness LEDs. We are focused on the challenges of increasing capacity to meet this developing market."
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, SiC crystals used in the production of unique gemstones and SiC wafers that are sold for device production and research. Cree has new product initiatives based on its experience in SiC, including radio frequency and microwave transistors for use in wireless infrastructure applications and radar, 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 involving risks and uncertainties that may cause actual results to differ materially from those indicated. Actual results could differ due to a number of factors, such as the risk our customers may fail to honor contractual purchase commitments; the risk we may be unable to increase capacity quickly enough to meet delivery obligations; the risk that demand for high brightness LEDs may be less than we expect; 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.
Source: Cree Research, Inc. Contact: Fran Barsky, Investor Relations Manager of Cree Research 919-313-5397, or fax, 919-313-5452
Fran Barsky, Investor Relations Manager of Cree Research 919-313-5397,
or fax, 919-313-5452
Web site: http://www.cree.com
