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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): SEPTEMBER 2, 1997
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IBIS TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23668 04-2987600
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
32 CHERRY HILL DRIVE, DANVERS, MASSACHUSETTS 01923
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 777-4247
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ITEM 5. OTHER EVENTS.
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On September 2, 1997, the Registrant publicly disseminated a press release
announcing that it had received net proceeds of approximately $10.2 million
through the exercise of its publicly traded Redeemable Common Stock Purchase
Warrants. The proceeds were generated by the election of the holders of
approximately 92.5% of the Warrants to exercise the Warrants, rather than have
the Registrant redeem the Warrants for $0.20 per Warrant. Approximately
1,334,000 shares of the Registrant's common stock were issued upon exercise of
the Warrants. The information contained in the press release is incorporated
herein by reference and filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibit.
99.1 The Registrant's Press Release dated September 2, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IBIS TECHNOLOGY CORPORATION
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(Registrant)
/s/ Timothy Burns
Date: September 2, 1997 -----------------------
Timothy Burns
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated September 2, 1997
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[LOGO OF IBIS TECHNOLOGY CORPORATION]
CONTACT:
Timothy Burns John P. Kehoe/Van Negris
Ibis Technology Corporation Kehoe, White, Savage & Company, Inc.
(508) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
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IBIS TECHNOLOGY CORPORATION COMPLETES WARRANT REDEMPTION AND
RECEIVES $10.2 MILLION FROM WARRANT EXERCISE
DANVERS, MA -- SEPTEMBER 2, 1997 -- Ibis Technology Corporation (NASDAQ:IBIS),
the leading supplier of SIMOX-SOI (Separation by IMplanted Oxygen /
Silicon-On-Insulator) wafers to the semiconductor industry, today announced that
the Company has received net proceeds of approximately $10.2 million through the
exercise of its publicly traded Redeemable Common Stock Purchase Warrants
(Nasdaq: IBISW). The proceeds were generated by the election of the holders of
approximately 92.5% of the warrants to exercise the warrants, rather than have
the Company redeem the warrants for $0.20 per warrant. Approximately 1,334,000
shares of the Company's common stock (Nasdaq: IBIS) were issued upon exercise of
the warrants.
Dr. Geoffrey Ryding, President and Chief Executive Officer stated: "We are
delighted that so many investors have elected to exercise their warrants and
acquire additional shares of Ibis Technology Corporation. We appreciate their
confidence in and support of our Company and view their response as a strong
endorsement of our technology."
Ibis Technology Corporation is an advanced materials company which supplies
SIMOX-SOI wafers to the semiconductor industry. SIMOX-SOI wafers are
silicon-on-insulator wafers which enable the production of integrated circuits
with significant advantages over circuits constructed on bulk silicon or
epitaxial wafers. The Company produces SIMOX-SOI wafers on advanced proprietary
Ibis 1000 oxygen implantation equipment, utilizing proprietary processing
technologies which the Company believes will enable it to produce SIMOX-SOI
wafers for demanding high volume commercial applications.
NOTE: Information about Ibis Technology Corporation and SIMOX-SOI is available
on Ibis's World Wide Web site on the Internet located at: http://www.ibis.com.
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