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Updated: July 8th, 2008 05:26 PM CDT

EMCORE Corporation Completes Sale of Electronic Materials Division to IQE, plc

via PRNewswire

SOMERSET, N.J., Aug. 21 /PRNewswire-FirstCall/ -- EMCORE Corporation(Nasdaq: EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and solar powermarkets, today announced that it has completed the sale of the Company's Electronic Materials & Device division (EMD) to a wholly owned subsidiary ofIQE, plc (IQE) as previously announced on July 19, 2006 . IQE, headquartered in Cardiff , Wales with United States operations in Bethlehem, Pa., purchased certain of the assets including inventory, fixed assets, and intellectual property of EMD for a total transaction value of $16 million. The Company received $13 million at closing and $3 million in the form of a secured promissory note of IQE that will be repaid in four quarterly installments andbears interest at an annual rate of 7.5%. The Company anticipates a gain on the disposition in the range of $9 to $11 million.

IQE was formed in May 1999 by the merger of two epitaxial wafer companies supplying electronic and optoelectronic materials produced using MOCVD (metalorganic chemical vapor deposition) and MBE (molecular beam epitaxy) equipment platforms. EMD utilizes MOCVD technology developed by EMCORE to produce bothGaAs and GaN based transistor wafers for use in power amplifiers and switchesin GSM, CDMA multiband wireless handsets, Wi-MAX, Wi-Fi, cellular handsets,and in wireless LAN applications.

IQE will continue to operate EMD in the Somerset, NJ facility. All 56 employees of EMD have been transferred to IQE.


EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite andsolar power markets. EMCORE's Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks,cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE'sPhotovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) andpanels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. Through its joint venture participation in GELcore, LLC, EMCORE plays a significant role indeveloping and commercializing next-generation High-Brightness LED technology for use in the general and specialty illumination markets. For further information about EMCORE, visit

About IQE

IQE is a leading provider of outsource epitaxial wafer services to the global semiconductor industry. Its wafer products include a portfolio of compound semiconductor wafers for use across the whole spectrum of optoelectronic and wireless applications, a range of advanced compound semiconductor substrates, and a comprehensive epi service of advanced productsfor the silicon industry. The IQE Group operates state of the art manufacturing facilities utilizing all of the key crystal growth technologies,with facilities located in Cardiff and Milton Keynes, UK and in Bethlehem, Pennsylvania, USA. IQE's products are found in a diverse range of leading edgeconsumer, communication, computing and industrial applications, including mobile handsets and wireless infrastructure, optical communications, opticalstorage (CD, DVD), laser optical mouse, laser printers & photocopiers,thermal imagers, leading edge medical products, barcode, high efficiency LEDs and a variety of advanced silicon based systems. For further information about the IQE Group, please visit

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