Cree Announces $1.2 Million Gift to University of California, Santa Barbara to Endow Cree Chair in Solid State Lighting and Displays
Source: Cree, Inc.
DURHAM, N.C. Cree, Inc. announced today that it has pledged $1.2 million to the College of Engineering at the University of California, Santa Barbara (UCSB). This gift provides for the endowment of the Cree Chair in Solid State Lighting and Displays, as well as supporting research in the field of gallium nitride-based electronic materials and devices. Cree made this binding commitment during September 2000 and the University of California, Santa Barbara is currently in the process of naming the chair recipient. Cree will not receive technology rights resulting from this donation.
This donation was recorded during Cree s first quarter of fiscal 2001 as a non-operating expense. This expense was offset by a one-time $1.2 million gain realized from the sale of marketable trading securities.
Research at UCSB includes work focused on white light emitting diodes (LEDs), which could rival the incandescent light bulb in commercial lighting applications. UCSB s College of Engineering faculty includes top nitride researchers including Dr. Shuji Nakamura, Dr. Steven Denbaars, Dr. Umesh Mishra and others.
Neal Hunter, Chairman and CEO of Cree stated, "We are pleased to support UCSB s tradition of academic excellence and commitment toward innovative research and technology development, and are delighted to provide this gift to UCSB for continued research on gallium nitride-based materials and devices."
An additional $1 million has been pledged by founders at Cree and Cree Lighting raising the total commitment to UCSB to $2.2 million.
North Carolina-based Cree, Inc. develops and manufactures semiconductor materials and devices based on silicon carbide (SiC), gallium nitride (GaN) and related compounds. The company s products include blue and green LEDs, RF power transistors for use in wireless infrastructure applications, SiC crystals used in the production of unique gemstones and SiC wafers sold for use in research and development. Cree has new product initiatives based on its experience in SiC and GaN-based semiconductors, including blue laser diodes for optical storage applications, high frequency microwave devices for radar and other communications systems, and 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 may differ materially due to a number of factors, including those factors discussed in Cree s report on Form 10-K for the year ended June 25, 2000 and subsequent quarterly report filed with the Securities and Exchange Commission.
Web site: http://www.cree.com
