Thursday December 21, 9:32 am Eastern Time
Press Release
JMAR Gains $2.2 Million On Sale of Portion of Its Bede plc Shares
Funds Will Help Speed Commercial Entry of New High-Value Semiconductors
SAN DIEGO--(BUSINESS WIRE)--Dec. 21, 2000--JMAR Technologies, Inc. (Nasdaq NM:JMAR - news), today announced that it received approximately $2.2 million, in cash, from the sale of 890,000 shares of Bede plc on the London Stock Exchange. JMAR originally acquired those shares for about $39,000 through an option exercise at the time of Bede's IPO on October 30, 2000. JMAR's net gain on the transaction is approximately $2,163,000.
John S. Martinez, Ph.D., JMAR's chairman and CEO commented, ``We've been extremely pleased with the UK financial community's vigorous support of Bede since its IPO, and we share their tremendous enthusiasm about the company's ability to continue to successfully implement its business plan going forward. Our abiding confidence in Bede is reflected by the fact that we continue to hold more than 1,000,000 additional shares in the company. With that said, I want to emphasize that our decision to sell a portion of our shares in Bede in no way reflects any dampening of our enthusiasm for their future outlook, on which we remain extremely bullish. Rather, it was the most financially prudent way to expedite the commercialization of our highly promising line of semiconductors, at this time, given the tremendous appreciation of our original investment, the current weakness in the U.S equity markets, in general, and U.S. technology stocks, JMAR included, in particular.
``After several weeks of delays related to chip manufacturing logistics,'' he continued. ``I am pleased to report that the initial fully-inspected and characterized first-in, first-out (FIFO) chips are now rolling into JMAR Semiconductor, Inc. (JSI) in production lot volumes. Within days they should be on the shelves of All American Semiconductor, our distributor for these products. Furthermore, several additional unique chip products are in the pipelines.
``The additional funds from the proceeds of the sale of the Bede shares could provide us with a further cushion to alleviate any unanticipated bottlenecks that might affect the development, manufacturing and marketing of our new chip products,'' Dr. Martinez noted. ``Because of the shipment delays, JMAR will not recognize any revenue in 2000 from the sales of its semiconductor products to All American. However, we do expect to generate substantial and growing revenues from our FIFO and other chip products throughout 2001, and beyond.
``Looking forward, we remain highly enthusiastic about Bede plc as a long-term partner,'' Dr. Martinez emphasized. ``We entered into our original agreements with Bede not only for the near-term financial rewards we believed possible but also for longer-term reasons. As I have noted in earlier announcements, we believe that Bede's talented staff, their technological expertise and vision and the working relationships that have developed between our two companies will ultimately lead to mutually profitable ventures to commercialize some of the world's most advanced X-ray and precision instrument products based on our collective technologies.''
JMAR Technologies, Inc., a semiconductor industry-focused company, is a leading developer of proprietary advanced laser and X-ray light sources for high-value microelectronics manufacturing and metrology. It is also a fabless provider of high performance integrated circuits for the rapidly growing broadband telecommunications market and other microelectronics applications. In addition, JMAR manufactures precision measurement, positioning and light-based manufacturing systems for inspection and repair of semiconductors and continues to play an important role in adapting its precision semiconductor manufacturing technology to the fabrication of advanced biomedical and optical communications products.
The statements regarding JMAR's expectations for the successful development and introduction of new products and future sales and potential business opportunities are forward-looking statements based on current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks include the failure of future orders to materialize as expected, delays in shipment or production, parts and labor shortages, cancellation or rescheduling of orders, delays in funding of government contracts, failure of acceptance of new products, failure of advanced technology and new intellectual property to perform as predicted, the failure of pending patents to be issued, and the other risks detailed in the company's Form 8-K filed on February 15, 2000, its 1999 Form 10-K and other reports filed with the SEC.
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Contact:
JMAR Technologies, Inc., Carlsbad
Dennis E. Valentine, 760/602-3292
jmar.com
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