EXHIBIT 99.1: PRESS RELEASE
Published on April 4, 2008
EXHIBIT
99.1
|
Press
Release
|
EMCORE
Corporation Elects New Chairman, Authorizes Planning for Corporate
Separation
ALBUQUERQUE,
N.M., April 4, 2008 -- EMCORE Corporation (Nasdaq: EMKR - News), a
leading provider of semiconductor-based components and subsystems for the
broadband, fiber-optic, satellite and terrestrial solar power markets, announced
today that, following its annual shareholders’ meeting, its Board of Directors
had elected a new Chairman and Chief Executive Officer, and also authorized
planning for a separation of its two business lines.
Pursuant
to a succession plan announced in 2006, Reuben Richards was elected to the
newly-created position of Executive Chairman. Dr. Thomas Russell, who
previously served as Chairman of the Board of Directors, will remain on the
Board as Chairman Emeritus. “Everyone at EMCORE is deeply grateful to
Dr. Russell for his many years of service to the Company as its Chairman and
for
his vision, passion, and leadership over this period,” noted Mr.
Richards. “We look forward to continuing to work with him and our
other Board members to meet the exciting opportunities and challenges currently
facing the Company.”
Also
pursuant to the Company’s previously announced succession plan, Dr. Hong Hou,
currently the Company’s President and Chief Operating Officer, succeeded Mr.
Richards as Chief Executive Officer and will continue to report to Mr.
Richards. Each of Mr. Richards and Dr. Hou will be active in
different aspects of running the Company.
The
Company also announced that Thomas Werthan, one of the members of its Board
of
Directors, had tendered his resignation. Mr. Richards thanked Mr.
Werthan for his past service to the Company.
EMCORE
also announced that its Board of Directors has authorized the management of
the
Company to prepare a comprehensive
operational and
strategic plan for the separation of the Company’s Fiber Optics and Photovoltaic
businesses into separate corporations. Mr. Richards stated,
“We
are excited to be taking the first steps in this process, which we believe
allows us to maximize the potential of both our business segments. We
will be working closely with investment, accounting and legal advisors over
the
coming months to develop a structure for this separation that will maximize
operating efficiencies as well as maximizing shareholder
value.”
About
EMCORE
EMCORE
Corporation is a leading provider of compound semiconductor-based components
and
subsystems for the broadband, fiber optic, satellite and terrestrial solar
power
markets. EMCORE's Fiber Optics segment offers optical components, subsystems
and
systems that enable the transmission of video, voice and data over high-capacity
fiber optic cables for high-speed data and telecommunications, cable television
(CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment
provides solar products for satellite and terrestrial applications. For
satellite applications, EMCORE offers high- efficiency compound
semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect
cells and fully integrated solar panels. For terrestrial applications, EMCORE
offers concentrating photovoltaic (CPV) systems for utility scale solar
applications as well as offering its high-efficiency GaAs solar cells and CPV
components for use in solar power concentrator systems. For specific information
about our company, our products or the markets we serve, please visit our
website at http://www.emcore.com.
Safe
Harbor
Statements
in this press release that are not historical facts, and the assumptions
underlying such statements, constitute "forward- looking statements" and
assumptions underlying "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and involve a number of risks and uncertainties, including
whether the separation of the company’s business segments into separate
corporations can be successfully achieved. Readers should also review the risk
factors set forth in EMCORE's Annual Report on Form 10-K for the fiscal year
ended September 30, 2007. These forward-looking statements are made as of the
date hereof, and EMCORE does not assume any obligation to update these
statements.
CONTACT:
EMCORE
Corporation
Adam
Gushard - Interim Chief Financial Officer
(505)
332-5000
info@emcore.com
TTC
Group
Vic
Allgeier
(646)
290-6400
vic@ttcominc.com