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To: Walter High who wrote (905)	10/29/1998 8:54:00 AM
From: w2j2	Read Replies (1) \| Respond to of 10714

Majority of Products Scheduled to Ship Fiscal Year 1999 DURHAM, N.C., Oct. 29 /PRNewswire/ -- Cree Research, Inc. (NASDAQ:CREE) today announced bookings from Asian customers totalling $17.1 million with the majority of shipments scheduled in the current fiscal year ending June 1999. These purchase commitments, for various LED products, reflect the results of the company's ongoing efforts to augment its customer base and product line. Neal Hunter, chairman and chief executive officer, said, "We are glad to announce this progress toward our goal of expanding our customer base and product offerings. With these bookings, the burden falls squarely on Cree to execute shipments for increasingly large volumes of complex LED devices. We look forward to the challenge." 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 51 U.S. and 32 foreign patents related to its process and device technology. In accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the company notes that statements in this press release which look forward in time involves risks and uncertainties that may cause actual results to differ materially from those indicated by the forward- looking statement. Such forward-looking statements include those related to expected future revenues based on the announced product bookings and expansion of the company's customer base and product lines. Factors that could cause results to differ materially from those indicated by the forward-looking statements include the possibility customers may fail to honor contractual purchase commitments, potential difficulties in manufacturing the volume of LED products required to fulfill contracted demand, and other factors discussed in the company's report on Form 10-K for the year ended June 28, 1998. SOURCE Cree Research, Inc. -0- 10/29/98 /CONTACT: Fran Barsky, Investor Relations Manager, Cree Research, Inc., 919-361-5709 or fax, 919-361-5415/