Exhibit 99.1

Press Release

EMCORE Corporation Agrees to Sell Electronic Materials Division to IQE, plc

SOMERSET, New Jersey, July 20, 2006 – EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, solar power and wireless communications markets, today announced that it has agreed to sell the Company’s Electronic Materials & Device division (EMD) to IQE, plc (IQE). IQE, headquartered in Cardiff, Wales with United States operations in Bethlehem, Pa, will purchase the assets including inventory, fixed assets, and intellectual property of EMD for a total transaction value of $16 million. The transaction is subject to IQE shareholder approval authorizing the issuance and sale of additional shares of IQE and successful completion of a financing expected in mid-August. Closing is scheduled to occur immediately following completion of IQE’s financing.

IQE was formed in May 1999 by the merger of two epitaxial wafer companies supplying electronic and optoelectronic materials produced using MOCVD (metal organic chemical vapor deposition) and MBE (molecular beam epitaxy) equipment platforms. EMD utilizes MOCVD technology developed by EMCORE to produce both GaAs and GaN based transistor wafers for use in power amplifiers and switches in 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. Approximately 50 employees will be transferred to IQE.

‘‘EMD has been an innovator in developing state of the art RF materials for over 10 years but as we continue to focus our strategy on broadband infrastructure, solar power and highly-integrated products, it became clear we needed to find a more strategic fit for EMD’s products and employees,’’ said Scott Massie, Chief Operating Officer. Mr. Massie added, ‘‘The sale of this division will lower our cost base, improve gross margins company-wide and permit us to further consolidate operations in New Mexico and California.’’

‘‘The addition of EMD’s products, employees and intellectual property will clearly enhance IQE’s position as the leading player in the epitaxial foundry industry. EMD’s current and next generation products are extremely complementary to IQE’s product base and its customer base will increase IQE’s customer reach to a broad spectrum of world class RF manufacturers. With both MOCVD and MBE wireless platforms, as well as diverse range of MOCVD based optical products, IQE will able to offer its customers the broadest and most advanced range of technologies and products in the semiconductor industry,’’ said Drew Nelson, President and Chief Executive Officer.

EMCORE management will discuss the sale during their quarterly earnings call scheduled for 9am eastern time on Thursday, August 3, 2006. Please visit EMCORE.com for information.

About EMCORE

EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite, solar power and wireless communications 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