EXHIBIT 99-1: PRESS RELEASE
Published on October 1, 2007
EXHIBIT
99.1
Press
Release
EMCORE
Corporation Expects to be Compliant with the Securities and Exchange Commission
and the NASDAQ in October 2007
Albuquerque,
NM – September 28, 2007 – EMCORE Corporation (NASDAQ: EMKR), a leading provider
of compound semiconductor-based components and subsystems for the broadband,
fiber optic, satellite and terrestrial solar power markets, announced today
that
it expects to be compliant with the Securities and Exchange Commission (the
“SEC”) and the NASDAQ in October 2007.
Status
of SEC Filings
Since
the
completion of the investigation by the Special Committee of the Board of
Directors (the “Board”) of EMCORE Corporation (the “Company”), the Company has
focused on determining the appropriate measurement dates for all historical
stock option grants which have been incorrectly dated, and on making
corresponding accounting adjustments to the Company’s historical and current
financial statements where appropriate. The Company believes that it has
determined the appropriate measurement dates for all misdated stock option
grants and has determined the accounting impact for those grants. We
have concluded our accounting and financial review and the additional
stock-based compensation charge remains unchanged as reported in November
2006.
The
Company and its legal and accounting advisors are working diligently to complete
the remaining steps necessary to become current in its SEC reporting
obligations. While the Company intends to file the required reports
as soon as practicable, management and the Board also recognize the importance
of accurate reporting and the timeframes required by the Company to complete
its
Annual Report on Form 10-K for the fiscal year ended September 30, 2006 and
its
Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 2006,
March 31, 2007, and June 30, 2007. We expect these outstanding
periodic reports to be filed with the SEC in October 2007.
* * *
Forward-Looking
Statement
This
announcement includes a forward-looking statement within the meaning of the
Private Securities Litigation Reform Act regarding the timing in which the
Company expects to become current in its reporting obligations under the
Securities Exchange Act of 1934 and under the NASDAQ Marketplace
Rules. This statement involves uncertainties that may cause the
actual timing in which the Company becomes current in its reporting obligations
to differ materially from the Company’s current
expectations. The Company is hopeful that these reports when
filed will enable us to regain compliance with NASDAQ and SEC filing
requirements. While there can be no assurance that the Company
will become compliant with NASDAQ requirements that it file its periodic reports
and restatement before the NASDAQ Listing and Hearing Review Council takes
any
action lifting the stay, the Company continues to work diligently to do
so. This forward-looking statement is made as of the date hereof, and
the Company does not assume any obligation to update the statement.
About
EMCORE
EMCORE
Corporation offers a broad portfolio of compound semiconductor-based products
for the broadband, fiber optic, satellite and terrestrial solar 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's Photovoltaic 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) and panels. For terrestrial applications, EMCORE
is
adapting its high-efficiency GaAs solar cells for use in solar power
concentrator systems. For further information about EMCORE, visit
http://www.emcore.com.
___
EMCORE
Corporation
Adam
Gushard – Interim Chief Financial Officer
(505)
332-5000
info@emcore.com
TTC
Group
Victor
Allgeier
(646)
290-6400
info@ttcominc.com