EXHIBIT 99-1
Published on October 3, 2008
EXHIBIT
99.1
EMCORE Corporation Secures
$25 Million Credit Facility with Bank of America
Albuquerque,
New Mexico, October 3, 2008 – EMCORE Corporation (NASDAQ: EMKR – News), a
leading provider of compound semiconductor–based components and subsystems for
the broadband, fiber optic, satellite, and terrestrial solar power markets,
today announced the closing of a $25 million revolving credit facility with Bank
of America. The asset-backed credit facility provides for borrowings up to $25
million and can be used for working capital, letters of credit and other general
corporate purposes.
The
credit facility, which incorporates both LIBOR and Prime-based borrowing
alternatives, is subject to certain financial covenants and a borrowing base
formula. The agreement matures in September 2011 and is secured by certain
assets of the company.
“Given
the current state of the credit markets, we are very pleased to enter into this
agreement with Bank of America and appreciate the bank’s confidence in our
future. This facility will serve to further strengthen our financial flexibility
as we continue to pursue the company’s growth strategy,” said John M. Markovich,
Chief Financial Officer of EMCORE Corporation.
Additional
information can be found in a Current Report on Form 8-K to be filed with the
Securities and Exchange Commission.
About
EMCORE:
EMCORE
Corporation is a leading provider of compound semiconductor–based components and
subsystems for the broadband, fiber optic, satellite and 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. 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.