Wednesday October 25, 8:12 am Eastern Time
Press Release
Kopin Acquires Super Epitaxial Products, Inc.
Leading Developer of Optoelectronic Materials and Devices Complements Kopin's World-Class Manufacturing Capabilities
TAUNTON, Mass.--(BUSINESS WIRE)--Oct. 25, 2000-- Kopin Corporation (NASDAQ: KOPN - news), the leading provider of gallium arsenide (GaAs) heterojunction bipolar transistors (HBT) for advanced telecommunications, and miniature flat panel displays for digital imaging applications, announced today that it has acquired privately held Super Epitaxial Products, Inc.
Super Epitaxial Products (SEP), a leader in research and development of optoelectronic materials and devices, has demonstrated state-of-the-art technology in growing nitrides and other semiconductor materials by organometallic chemical vapor deposition (OMCVD), resulting in excellent materials for optoelectronic devices including vertical-cavity surface-emitting lasers (VCSELs), light-emitting diodes, and photodetectors, which complement Kopin's existing HBT transistor products. Furthermore, nitride materials have potential applications in high-power microwave devices as well as improving current GaAs HBT products.
Under the terms of the agreement, 1.7 million shares of Kopin stock, with an aggregate value of approximately $25 million, will be exchanged for all of the outstanding shares of SEP. In the fourth quarter of 2000, Kopin expects to take a one-time charge of up to $0.07 per share in connection with the acquisition for purchased in-process research and development and acquisition expenses.
``We are extremely excited about acquiring a company that is highly synergistic with our own business,'' said Dr. John C.C. Fan, president and chief executive officer of Kopin. ``We believe that Kopin's transistor wafer technology and manufacturing know-how, combined with SEP's demonstrated capabilities in optoelectronic materials and devices, will position Kopin as a major provider of components for existing and emerging optical communications. SEP's outstanding scientists and engineers will help accelerate commercialization of our optical communications products.''
Dr. J.C. Chen, president and founder of SEP, said, ``SEP's research and development expertise is an excellent complement to Kopin's world-class manufacturing. Along with delivering the highest quality proprietary products, Kopin will now be able to accelerate development of, and enhance its position in, advanced optoelectronic products as well as new classes of microwave and optical devices.''
About SEP
Super Epitaxial Products, Inc., based in Columbia, Maryland, was founded in 1997 with the mission of developing and commercializing advanced semiconductor materials and devices. SEP has established itself as an innovative leader in optoelectronic materials and devices.
About Kopin
Kopin Corporation is a leading manufacturer of GaAs transistor products and miniature flat panel displays for advanced communications and digital imaging applications. The Company's GaAs HBT transistors are used to produce power amplifier circuits for CDMA, GSM, TDMA and PCS wireless telephone handsets as well as multi-gigabit circuits for fiber optic and Internet data transmission. Kopin's CyberDisplay family of ultra-small, high-density imaging devices is designed for portable communications and consumer products including camcorders, digital cameras and wireless Internet appliances. Kopin's Web site is located at www.kopin.com.
Statements in this news release about the acquisition of Super Epitaxial Products, Inc. (SEP) are made under ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are general economic and business conditions, the successful integration of SEP's products, technology and employees into Kopin, growth in the optical communications and other optoelectronic industries, the impact of competitive products and pricing, the Company's ability to successfully expand its production facilities, loss of significant customers, acceptance of the Company's products, continuation of strategic relationships, and other risk factors and cautionary statements listed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and the Quarterly Report on Form 10-Q for the period ended |
