From Briefing.com: 15:17 ET CREE Cree receives government funding for biological agent systems (13.46 +0.35) Co has received a contract issued by the U.S. Army Robert Morris Acquisition Center for the U.S. Army Research Laboratory and supported by the Defense Advanced Research Projects Agency for the development of light emitting diodes and laser diodes for use in systems for biological agent detection, such as anthrax, and for tactical communication systems. The total estimated value of the contract is $26.55 mln of which the government is providing $14.5 mln if fully funded, over a four-year period.
The press release
Cree Receives $14.5 Million in Government Funding For UV LED and Laser Diode Development
DARPA Project to Focus on Biological Agent Detection
DURHAM, N.C., March 21 /PRNewswire-FirstCall/ --
biz.yahoo.com
Cree, Inc. (Nasdaq: CREE - news) today announced that it has received a contract issued by the U.S. Army Robert Morris Acquisition Center for the U.S. Army Research Laboratory (ARL) and supported by the Defense Advanced Research Projects Agency (DARPA) for the development of light emitting diodes (LEDs) and laser diodes emitting at 280-340 nanometers for use in systems for biological agent detection, such as anthrax, and for tactical communication systems. The total estimated value of the contract is $26,550,000 of which the government is providing $14,500,000, if fully funded, over a four-year period.
Chuck Swoboda, President and CEO of Cree said, ``We are excited to embark on this area of research where LEDs and laser diodes could potentially be integrated into critical applications for use in the protection of our armed forces as well as the citizens of this country. We believe this funding will enable us to expand the opportunities for our products beyond traditional LED and laser applications.''
LTC John Carrano, Program Manager, Microsystems Technology Office, DARPA said, ``As one of several performers on DARPA's Semiconductor Ultraviolet Optical Sources program, Cree will use its innovative and technological advancements in growing crystals, using epitaxial layering and device fabrication to produce high-performance ultraviolet LEDs and laser diodes. Cree will incorporate their technology expertise to assist in providing improved solutions to support our national security.''
Dr. John Pellegrino, Director, Sensors and Electron Devices Directorate at ARL said, ``I see great potential and promise for this effort benefiting the Army's Objective Force. We look forward to characterizing and exploiting the advanced materials and devices which will be produced by Cree.''
Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC), gallium nitride (GaN) and silicon (Si) materials technology to produce new and enabling semiconductors. The products include blue, green and ultraviolet (UV) light emitting diodes (LEDs), near UV lasers, radio frequency (RF) and microwave devices, and power switching devices. Targeted applications for these products include solid state illumination, optical storage, wireless infrastructure and power switching. For more information on Cree, please visit 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 materially due to a number of factors, including uncertainty whether the government will appropriate and allocate all funding contemplated by the contract award, the risk the estimated contract value may not be realized if the contracting authority does not exercise options under the contract to extend the program to the maximum term or exercises its rights to terminate, uncertainty whether the goals of the development program can be achieved within the time contemplated by the contract, the risk we may not incur sufficient allowable costs to generate the full estimated contact value, 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 24, 2001 and subsequent reports filed with the Commission.
SOURCE: Cree, Inc.
Things may shape up faster than we had anticipated!
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