DANVERS, MA (Feb. 3) BUSINESS WIRE -FEBRUARY 3, 1998-- Ibis
Technology Corporation Completes Initial Phase of
Planned Realignment and Reorganization of
Technical and Management Resources to Support Commercial Scale
Production of SIMOX-SOI Wafers; William Wray Promoted to Vice
President of Engineering; Debra L. Nelson, Cpa Joins Ibis as Chief
Financial Officer
Ibis Technology Corporation (Nasdaq: IBIS), the leading supplier of
SIMOX-SOI (Separation by IMplantation of OXygen / Silicon-On-Insulator)
wafers to the semiconductor industry, today announced that, based upon
preliminary analysis, it expects to report a net loss in the range of
$0.29-$0.33 per share for the fourth quarter ended December 31, 1997.
Factors contributing to this expected loss include lower than
anticipated product sales, lower product margins and non-recurring
charges, primarily relating to wafer inventory and spare parts. The
Company will announce actual results for the fiscal 1997 fourth quarter
and year-end when they become available.
The Company also announced that it has completed the initial phase of
a planned realignment and reorganization of its technical and
management resources consistent with a strategic change to increase the
focus on commercial-scale production of SIMOX-SOI materials.
William Wray, a key member of Ibis' core technology group and Chief
Electronics Engineer, has been promoted to Vice President of
Engineering and assumes responsibility for all facets of ion implanter
design, development and manufacture. Additionally, Dr. Michael L. Alles
and other key members of the technical staff have been assigned to
support the SIMOX-SOI wafer manufacturing group during this critical
reallocation of resources.
Martin J. Reid, President and Chief Executive Officer of Ibis
Technology Corporation, stated: "We are pleased to recognize the
talents of William Wray and Dr. Michael Alles and their outstanding
contributions to the growth of Ibis. We believe that the unique
advantages of Ibis' SIMOX-SOI technology -- the ability to design high
performance circuits that operate at high speeds and low operating
voltages -- will result in a stream of commercial applications over
time. We have already seen the beginnings of that application flow in
the SIMOX-SOI devices being offered by Bookham Technology Ltd.,
Honeywell, Inc. and Mitsubishi Electric Corporation. We continue to be
enthusiastic and excited about the prospects for Ibis going forward and
believe that fiscal 1998 will begin to see the adoption of SIMOX-SOI
wafers into volume applications."
Mr. Wray, who has been with Ibis since 1989, was responsible for the
development of the control systems for the Ibis 1000 implanter. Prior
to joining Ibis, Mr. Wray was Director of Electronics Engineering at
Ion Microfabrication Systems, Inc., a scientist at the Ion Beam Systems
Division of Eaton Corporation, and worked closely with Edwin Land at
Polaroid and at the Rowland Institute for Science as the Director of
the Electronics Laboratory. Mr. Wray holds a variety of patents in
various fields. He succeeds Theodore Smick who has resigned to pursue
other business interests.
The Company also announced that Debra L. Nelson has been named Chief
Financial Officer. Ms. Nelson was most recently Chief Financial Officer
at Rockport Trade Systems, Inc. Prior to that, she was the Controller
and Treasurer of Ibis Technology Corporation, and a Senior Accountant
at KPMG Peat Marwick LLP. She holds a B.S. in Accounting from Merrimack
College and is a Certified Public Accountant.
Ms. Nelson succeeds Timothy J. Burns who is leaving to pursue personal
interests. Mr. Reid commented: "We wish to acknowledge the
contributions of Tim Burns to our company, where he was instrumental in
helping to create the financial and operational framework to support
the evolution of Ibis to a major player in the emerging global SOI
marketplace. All of us at Ibis wish Tim well in his activities going
forward."
Ibis Technology Corporation is an advanced materials company which
supplies SIMOX-SOI wafers to the semiconductor industry and whose goal
is to be the world leader in volume manufacturing of SIMOX-SOI wafers.
SIMOX-SOI wafers are silicon-on-insulator wafers which enable the
production of integrated circuits with significant advantages over
circuits constructed on conventional bulk silicon or epitaxial wafers.
Ibis is promoting the global acceptance of SIMOX-SOI wafers by
continuing to develop advanced proprietary oxygen implanters and
process technology as well as by the formation of strategic alliances.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: The statements contained in this press release which are
not historical fact are forward-looking statements based upon
management's current expectations that are subject to risks and
uncertainties that could cause actual results to differ materially from
those set forth in or implied by forward-looking statements, including,
but not limited to, product demand and market acceptance risks, general
economic conditions, the impact of competitive products, technologies
and pricing, equipment capacity and supply constraints or difficulties,
the cyclical nature of the semiconductor industry, and other risks
described in the Company's Securities and Exchange Commission filings.
NOTE: Information about Ibis Technology Corporation and SIMOX-SOI is
available on Ibis's World Wide Web site on the Internet located at
ibis.com .
-0- kam/ny*
CONTACT: Debra L. Nelson, Chief Financial Officer
Ibis Technology Corporation
978/777-4247
or
Kehoe, White, Savage & Company, Inc.
Van Negris / Philip J.Denning
212/888-1616
KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
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