Cree Announces Proposed Public Offering; Corporate Name Change Effective January 1, 2000
DURHAM, N.C. Cree, Inc. (Nasdaq: CREE) announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 2.6 million shares of common stock by the company. The managing underwriters for the offering are CIBC World Markets, Prudential Volpe Technology Group, a unit of Prudential Securities, Banc of America Securities LLC, SoundView Technology Group, and Morgan Keegan & Company, Inc. The company plans to use the proceeds from the offering for its manufacturing facility expansion and purchase of additional equipment, the acquisition of an additional facility, research and development, and general corporate purposes.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus, when available, may be obtained from CIBC World Markets, CIBC World Markets Corp., 425 Lexington Avenue, 6th Floor, New York, NY.
In other news, effective January 1, 2000, the corporate name has been changed to Cree, Inc. The corporate name change was approved by shareholders at the November 2, 1999 annual shareholders meeting.
North Carolina based Cree, Inc. is the world leader in development 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 expertise in SiC, including radio frequency and microwave transistors for use in wireless infrastructure 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
Source:
Cree, Inc.
Contact:
Fran Barsky,
Investor Relations Manager of Cree, Inc.,
919-313-5397,
or fax, 919-313-5452
Fran Barsky,
Investor Relations Manager of Cree, Inc.,
919-313-5397,
or fax, 919-313-5452
Web site: http://www.cree.com
