PRESS RELEASE
Published on July 16, 2004
EXHIBIT 99.1
[EMCORE LOGO]
Press Release
- -------------------------------------------------------------------------------
EMCORE CORPORATION ACQUIRES CORONA OPTICAL SYSTEMS
EMCORE EXPANDS ITS PRODUCT PORTFOLIO OF PARALLEL OPTICAL MODULES
SOMERSET, N.J., July 15, 2004 - EMCORE Corporation (Nasdaq: EMKR), a leading
provider of semiconductor technologies for global communications, announced
today that it has acquired Corona Optical Systems located in Lombard, IL and Eau
Claire, WI in a cash for stock merger. Corona Optical Systems is a market leader
in parallel optics with an ultra small form factor transceiver which is
currently being deployed by Tier 1 customers for use in high-density telecom
switching boxes.
Per the terms of the transaction, EMCORE acquired Corona's business including,
its product lines, intellectual property, manufacturing technology and all
physical assets for a cash payment of $1.2 million. In the last twelve months
before closing, Corona had revenues of approximately $2.9 million. Approximately
13 employees of Corona Optical Systems will join EMCORE. EMCORE expects that
sales of Corona's OptoCube(R) transceiver will exceed $4 million in the next
twelve months.
"This acquisition adds an extremely talented design and engineering team and
provides ownership of a valuable intellectual property portfolio, including a
number of advanced technologies such as a panelized substrate and automated
optical alignment techniques, that EMCORE will be able to incorporate into
existing EMCORE product families," said Dr. Robert Bryan, Vice President of
EMCORE Corporation. With the addition of the OptoCube transceiver to our
existing parallel optical product family of SNAP-12, QuadLink(TM), and
SmartLink(TM) transceivers, EMCORE has demonstrated its continued commitment to
the parallel optics market. This acquisition further strengthens EMCORE's
position as a leader in parallel optics technology. The OptoCube transceiver's
ultra small form factor design and manufacturing platform are unique,
well-suited for high-performance, low-cost, and high-volume manufacturing, and
can be used for a range of applications, such as high density optical
backplanes, defense, supercomputing, and consumer applications."
"EMCORE is an acknowledged leader in high density optical backplanes and we are
excited about joining the team," said Bryan Gregory, Founder and Chairman of
Corona Optical Systems. "We have been a long-time customer of EMCORE's
high-performance oxide-based VCSEL arrays and have always been impressed with
their products' quality, reliability and performance. This merger allows the
Corona team to tap into EMCORE's excellent infrastructure and resources to
provide better services to its customer base. I also believe the OptoCube
platform together with our strong intellectual property position will enable
EMCORE to extend the potential of the OptoCube transceiver beyond the current
telecom applications to on-board optics for the military, high definition
multimedia interfaces and board mounted optics for scanning and imaging."
Parallel optical modules utilize an array of multiple-channel VCSEL lasers and
detectors to transmit and receive optical signals traveling in multi-mode fibers
over a distance up to 300 meters. These small form-factor modules, with
12-channels of parallel transmission, carry an aggregated bandwidth of 40
gigabits per second. They have been utilized in high-end switching and routing
of telecom equipment. EMCORE is a founder of the SNAP12 form factor MSA, and a
leading designer and manufacturer of transceivers, transponders and other
communications solutions for several major telecom and datacom equipment
suppliers in this emerging market.
EMCORE management will discuss the acquisition further in conjunction with the
Company's third fiscal quarter of 2004 results.
About EMCORE Corporation:
EMCORE Corporation offers a versatile portfolio of compound semiconductor
products for the rapidly expanding broadband and wireless communications markets
and the solid-state lighting industry. The company's integrated solutions
philosophy embodies state-of-the-art technology, material science expertise, and
a shared vision of our customer's goals and objectives to be leaders and
pioneers in the rapidly growing communications market. EMCORE's solutions
include: optical components for fiber-to-the-curb/home/business, cable
television, and high speed data and telecommunications; solar cells, solar
panels and fiberoptic satellite links for global satellite communications; and
electronic materials for high bandwidth communications systems, such as Internet
access and wireless telephones. Through its participation in GELcore, LLC,
EMCORE plays a vital role in developing and commercializing next-generation LED
technology for use in the general illumination market. For further information
about EMCORE, visit http://www.emcore.com.
----------------------
The information provided herein may include 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 relating to future events that involve risks and
uncertainties. Words such as "expects," "anticipates," "intends," "plans,"
"believes," and "estimates," and variations of these words and similar
expressions, identify these forward-looking statements. Actual operating results
may differ materially from such forward-looking statements and are subject to
certain risks, including risks arising from: difficulties encountered in
integrating Corona's operations, the benefits expected to be received by EMCORE
and its customers from the acquisition, cancellations, rescheduling or
delays in product shipments; manufacturing capacity constraints; lengthy sales
and qualification cycles; difficulties in the production process; changes in
semiconductor industry growth, increased competition, delays in developing and
commercializing new products, and other factors described in EMCORE's filings
with the Securities and Exchange Commission. The forward-looking statements
contained in this news release are made as of the date hereof and EMCORE does
not assume any obligation to update the reasons why actual results could differ
materially from those projected in the forward-looking statements.
CONTACT:
TTC Group
Victor Allgeier
(212) 227-0997
info@ttcominc.com