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To: David A Rush who wrote (861)	7/16/1998 11:15:00 AM
From: glen	Read Replies (2) \| Respond to of 10714

Cree Research Signs $3 Million Development Agreement with Kansai Electric Power Company DURHAM, N.C., July 16 /PRNewswire/ -- Cree Research, Inc. (Nasdaq: CREE - news), the world's leading manufacturer and supplier of silicon carbide (SiC) wafers and SiC-based semiconductor products, today announced that it has entered into an agreement with The Kansai Electric Power Co., Inc. (KEPCO) of Osaka, Japan to undertake a cooperative program for the development of silicon carbide power devices with a blocking voltage in excess of 5 kiloVolts for use in power transmission systems. Cree and KEPCO will collaborate in designing the devices, while Cree will fabricate prototypes for testing. KEPCO has agreed to contribute program funding of up to $3 million in development fees over the next 32 months, subject to certain contract provisions. Cree Research president Neal Hunter commented, ''Cree and KEPCO recognize the substantial advantages silicon carbide offers for high voltage power devices, and believe the partnership will significantly accelerate the development of devices desired by KEPCO and other electric utilities for use in switching systems in power transmission networks.'' Silicon carbide devices designed for high voltage, high power switching applications are expected to yield substantial power savings due to reduced losses made possible by the devices' high efficiency. SiC devices are also expected to reduce the complexity of power transmission switching systems since silicon carbide's ability to withstand higher temperature and power levels should substantially reduce the number of devices required in a system. Kansai Electric Power Company, Inc., is the fourth largest electric power supply company in the world. The company's service area covers the cities of Osaka, Kyoto, and Kobe, three of Japan's major economic and cultural centers. North Carolina-based Cree Research, Inc. is the world leader in the development of silicon carbide semiconductors which have potential advantages in certain optoelectronic, RF and microwave, power, and high temperature applications. Cree owns outright or licenses exclusively 49 U.S. patents and 29 foreign patents related to its process and device technology. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward- looking statements. Factors that could cause the company's actual results to differ materially include, among others, the company's ability to achieve technology breakthroughs necessary to produce commercially viable devices and other factors discussed in the company's report on Form 10-K for the year ended June 30, 1997 and subsequent reports on Form 10-Q as filed with the Securities and Exchange Commission. SOURCE: Cree Research, Inc.