IQE to acquire NanoGaN to accelerate commercialisation of advanced
blue/green lasers and solid state
(Thomson Reuters ONE) - 5 October 2009IQE plc("IQE", the "Company" or "the Group")IQE plc (AIM: IQE), the leading global supplier of advanced waferproducts and wafer services to the semiconductor industry, is toacquire UK based NanoGaN Limited ("NanoGaN").NanoGaN has established a range of unique processes and keyintellectual property relating to gallium nitride (GaN) materials anddevices. This includes its proprietary Nanocolumn Technology forproducing high quality, free-standing gallium nitride substrates,which are critical for manufacturing high quality blue and greensemiconductor lasers and ultra high brightness LEDs for Solid StateLighting (SSL).The development of NanoGaN's proprietary technology is at an advancedstage. IQE will assist in completing the development of commercialproducts and will thereafter begin the transfer of the technology toits high volume production facilities where it is expected to begingenerating sales in 2010, followed by rapid sales growth as thetechnology is commercialised.The acquisition complements and enhances IQE's existing productportfolio by accelerating the Group's strategic plans to develop aleadership position in the emerging high growth markets for advancedlaser projection, high definition optical storage (including Blue Rayproducts), high resolution laser printing and solid state lightingfor industrial, commercial and residential lighting. NanoGaN's coretechnology will also be used to further enhance IQE's leadingposition in the supply of GaN products for high power RFapplications.The deal also strengthens IQE's position as a technology leader bybringing powerful new intellectual property to the group, andexciting new talent. NanoGaN brings with it seven filed patents, andseveral additional innovations for which patents will be submitted.As part of the deal, Professor Wang, the CEO of NanoGaN and inventorof the nanocolumn technology will become Chief Scientific Advisor toIQE. Professor Wang is widely acknowledged as a world leadingadvanced materials scientist with significant commercial and advisoryexperience. He was co-founder of Arima Optoelectronics Corporation, aleading optoelectronics company listed on the Taiwan Stock Exchange.Professor Wang has a history of successfully patenting innovativetechnologies. Many of his 26 granted patents continue to be used formass production within the optoelectronics industry. He has alsoacted in advisory roles, including Scientific Advisor to the ITRI(Industrial Technology Research Institute) of Taiwan and to theTaiwanese Government.The consideration for the acquisition of NanoGan is for up to £3.6m,based on the achievement of milestones relating to thecommercialisation of the intellectual property. The initialconsideration of £0.4m will be settled by the issue of new shares andcash. IQE has the option to settle the future milestone payments ineither shares or cash.Completion of the acquisition will take place upon admission totrading of those new shares to be issued in satisfaction of part ofthe initial consideration, expected to be on or around 7 October2009.Commenting, Dr Drew Nelson, IQE Chief Executive Officer said :"The acquisition of NanoGaN represents a major milestone in ourtechnology roadmap, and reinforces our strategy of being a powerfulIP based technology leader in the supply of advanced semiconductormaterials to a multitude of high growth markets."This acquisition provides a perfect complement to our existingwireless and opto, and emerging solar businesses and widens ourproduct portfolio.We now operate in a range of diverse internationalmarkets, all with powerful drivers including high growth consumerapplications and political and legislative trends towardstechnological solutions to address environmental challenges""Current trading across the group continues to be strong and theBoard remains confident of meeting market expectations for the fullyear 2009."Commenting, Professor Wang Nang Wang said:"NanoGaN has reached a very exciting stage of development. OurNanocolumn technology provides a unique approach to overcoming thechallenges facing the advancement of blue and green laser technology,high density optical storage and ultra high efficiency solid statelighting."This transaction represents a unique opportunity for thecommercialising of NanoGaN's world leading technology and cements ourlong term relationship with IQE. We carefully selected IQE as theideal partner to bring our intellectual property to mass productionbased on its track record and its experience. In addition I amextremely excited to accept the position of Chief Scientific Advisorto the IQE Group, to help further advance their powerful portfolio ofIP based production technology for advance semiconductor materials"Contacts:IQE plc (+44 29 2083 9400)Drew NelsonPhil RasmussenChris MeadowsNoble & Company Limited (+ 44 20 7763 2200)John Llewellyn-LloydSam ReynoldsCollege Hill (+44 20 7457 2020)Adrian DuffieldCarl FranklinNOTE TO EDITORSAbout IQE (www.iqep.com)IQE is the leading global supplier of advanced semiconductor waferswith products that cover a diverse range of applications, supportedby an innovative outsourced foundry services portfolio that allowsthe Group to provide a 'one stop shop' for the wafer needs of theworld's leading semiconductor manufacturers.IQE uses advanced crystal growth technology (epitaxy) to manufactureand supply bespoke semiconductor wafers ('epi-wafers') to the majorchip manufacturing companies, who then use these wafers to make thechips which form the key components of virtually all high technologysystems. IQE is unique in being able to supply wafers using all ofthe leading crystal growth technology platforms.IQE's products are found in many leading-edge consumer,communication, computing and industrial applications, including acomplete range of wafer products for the wireless industry, such asmobile handsets and wireless infrastructure, Wi-Fi, WiMAX, basestations, GPS, and satellite communications; optical communications,optical storage (CD, DVD), laser optical mouse, laser printers &photocopiers, thermal imagers, leading-edge medical products,barcode, ultra high brightness LEDs, a variety of advanced siliconbased systems and high efficiency concentrator photovoltaic (CPV)solar cells.The manufacturers of these chips are increasingly seeking tooutsource wafer production to specialist foundries such as IQE inorder to reduce overall wafer costs and accelerate time to market.IQE also provides bespoke R&D services to deliver customisedmaterials for specific applications and offers specialist technicalstaff to manufacture to specification either at its own facilities oron the customer's own sites. The Group is also able to leverage itsglobal purchasing volumes to reduce the cost of raw materials. Inthis way IQE's outsourced services, provide compelling benefits interms of flexibility and predictability of cost, therebysignificantly reducing operating risk.IQE operates six manufacturing facilities located in Cardiff (two)and Milton Keynes in the UK; in Bethlehem, Pennsylvania and Somerset,New Jersey in the USA; and Singapore. The Group also has 11 salesoffices located in major economic centres worldwide.About NanoGaN Limited (www.nanogan.com)NanoGaN is a venture formed between Professor Wang Nang Wang, BathUniversity and a number of financial backers. NanoGaN's IP includesits proprietary Nanocolumn Technology as a means of developing highquality Free Standing Gallium Nitride substrates which are criticalfor blue and green laser technology, and ultra high brightness LEDs.In addition to a distinguished academic career, Professor Wang hasestablished a solid business reputation within the technology sectorhaving served as Chairman and President of Quantum Optech Inc and asco-founder of Arima Optoelectronics, both based in Taiwan.IQE has enjoyed a long standing association with NanoGaN having beenselected as a key strategic epitaxial materials partner by ProfessorWang. The development of NanoGaN's unique Nanocolumn technology is atan advanced stage and is expected to generate initial sales during2010, followed by rapid sales growth as the commercialisation iscompleted.In conjunction with this acquisition, IQE is pleased to announce thatProfessor Wang has accepted appointment as Chief Scientific Advisorto the IQE Board. This is detailed in a separate announcement.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.10.2009 - 08:01 Uhr
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