Some additional details found in the Cree release:
May 11, 1999 07:16
Cree Research Accelerates Blue Laser Development
Efforts; Forms Strategic Partnership with Microvision,
Inc. Establishes Equity Position in Microvision
DURHAM, N.C., May 11 /PRNewswire/ -- Cree Research, Inc. (Nasdaq: CREE),
the world leader in the development and manufacture of semiconductor materials
and electronic devices made from silicon carbide (SiC), has formed a strategic
partnership with Microvision, Inc. (Nasdaq: MVIS, MVISW), the developer of Virtual
Retinal Display(TM) (VRDTM) technology, for the development of blue and green
laser diodes and edge-emitting light-emitting diodes (LEDs) suitable for scanned
beam display systems.
Under the agreement, which was signed last week, Microvision will fund a one-year
development program valued at $2.6 million, with a one-year extension period, at
Microvision's option, valued at $2.5 million.
Neal Hunter, Cree's Chairman and CEO stated, "We are excited about this
strategic alliance with Microvision and the opportunity to aggressively expand our
LED and laser diode development efforts. This new endeavor should enhance our
leadership position in LEDs with new product offerings, and we anticipate this
research will assist us in expediting our development of a commercially viable SiC
blue laser. Cree's advancements with high performance blue and green LEDs
combined with Microvision's proprietary optical scanning technology will enable
powerful solutions to meet the growing demand for a variety of new miniature
display and imaging products."
As a result of this innovative technology, Cree has elected to make a $4.5 million
investment in Microvision's common stock. The equity interest equates to less than
4 percent of Microvision's outstanding common stock.
A natural application for Cree's products is in Microvision's VRD technology. The
VRD device rapidly scans a low-power pinpoint beam of colored light onto the retina
of the viewer's eye, creating a high resolution, full- motion image without the use of
screens or externally projected images. Cree and Microvision are excited about the
dynamic market opportunities and the high growth potential available for scanned
beam displays utilizing Cree's core LED technology. The blue and green
semiconductor laser diodes targeted in the development effort could be used in a
variety of military and professional applications that require high display luminance.
Rick Rutkowski, President and CEO of Microvision added, "Cree's technological
advancements in SiC LEDs and lasers could provide a low cost solution for
Microvision's scanned beam display systems and enable us to accelerate our
product time to market. We're excited to have Cree as a new shareholder and
believe this relationship will prove to be mutually beneficial to both companies."
Microvision, Inc., headquartered in Seattle, is the developer of the patented Virtual
Retinal Display(TM) (VRDTM) technology that uses a rapidly scanned beam of light
to project images on the eye's retina, allowing the viewer to see large, full-motion
images without the need for a conventional display screen. Microvision's objective
is to be a leading provider of personal display products and imaging technology in a
broad range of military, medical, industrial, professional and consumer applications.
The company was founded in 1993. Additional information can be found at the
company's website at: mvis.com .
North Carolina based Cree Research, Inc. is the world leader in developing 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 research. Cree has new
product initiatives based on its expertise in SiC, including microwave transistors for
use in wireless base stations and radar, blue laser diodes for optical storage
applications and high power devices for power conditioning and switching. For more
information on Cree visit 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 the risks
and uncertainties as to whether Cree will be able to achieve the substantial
technological and manufacturing breakthroughs necessary to fulfill the goals of the
development program, whether devices developed in the program will be
commercially viable, whether Microvision will be able to utilize the devices in its
scanned beam display systems, whether such systems will be accepted in the
market, and other factors discussed in Cree's filings with the Securities and
Exchange Commission, including its report on Form 10-K for the year ended June
28, 1998, and subsequent quarterly reports and the registration statement on Form
S-3 dated January 14, 1999.
SOURCE Cree Research, Inc.
/CONTACT: Fran Barsky, Investor Relations Manager of Cree Research, Inc.,
919-313-5397 or fax, 919-313-5452/
Fred |
