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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): NOVEMBER 4, 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: (978) 777-4247
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ITEM 5. OTHER EVENTS.
On November 4, 1997, the Registrant publicly disseminated a press release
announcing that it had been awarded three new research and development
contracts, totaling approximately $400,000, by the Massachusetts Institute of
Technology (MIT), the U.S. Army and the Defense Special Weapons Agency (DSWA).
The contract with MIT is valued at $200,000 over a four year period, of which
the first year has been funded. The contract with the U.S. Army is a $100,000
Phase 1 contract which is expected to be completed during the first quarter of
1998. The contract with DSWA is also a $100,000 Phase 1 contract which is
expected to be completed by the end of 1997. 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.
(c) Exhibit.
99.1 The Registrant's Press Release dated November 4, 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)
Date: November 4, 1997 /s/ Timothy J. Burns
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Timothy J. Burns
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated November 4, 1997
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EXHIBIT 99.1
[IBIS TECHNOLOGY CORPORATION LETTERHEAD]
CONTACT:
Timothy Burns/Dr. Michael Alles Van Negris/John P. Kehoe
Ibis Technology Corporation Kehoe White, Savage & Co., Inc.
(508) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY CORPORATION AWARDED NEW R&D CONTRACTS VALUED AT $400,000
DANVERS, MA -- November 4, 1997 -- Ibis Technology Corporation (NASDAQ:IBIS),
the leading supplier of SIMOX SOI (Separation by Implantation of Oxygen /
Silicon-on-Insulator) wafers to semiconductor manufacturers, today announced
that it has been awarded three new research and development (R&D) contracts
valued at approximately $400,000.
The Massachusetts Institute of Technology (MIT) has awarded Ibis a R&D
contract, under a Defense Advanced Research Projects Agency (DARPA) advanced
device development program, to investigate methods for fabrication of thinner
silicon and buried oxide SOI wafers based on the Ibis ADVANTOX(TM) process, for
use in very advanced (sub-0.025 micron) devices. The program is valued at
$200,000 over a four year period, of which the first year has been funded.
The U.S. Army has awarded Ibis a $100,000 R&D Phase 1 contract under the Small
Business Innovative Research (SBIR) program focusing on the development and
production of SIMOX-SOI substrates with very thin layers and using lower energy
implantation, for use in advanced commercial and radiation hardened SOI
applications, facilitated by the flexibility of the Ibis 1000 oxygen implanter.
Phase 1 of the program is expected to be completed during the first quarter of
1988.
The Defense Special Weapons Agency (DSWA) has awarded Ibis a $100,000 Phase 1
SBIR program focusing on SIMOX process development to reduce buried oxide
leakage and further reduce the cost of SIMOX-SOI materials having ultra-thin
buried oxides. The program will concentrate on the thermal processing portion
of the SIMOX-SOI process and the material will be evaluated in conjunction with
a major U.S. circuit manufacturer. The Phase 1 program is expected to be
completed by the end of 1997.
Dr. Geoffrey Ryding, President and Chief Executive Officer of Ibis Technology
Corporation commented: "Ibis continues to be committed to the development of
state-of-the-art SIMOX-SOI processes and materials to meet the requirements of
various growing markets including low power, high performance electronics for
consumer applications and radiation hardened electronics for use in
communications satellites and military electronics. We are pleased with the
continued support of the U.S. Government in these areas, and are delighted to be
able to work with MIT on the new DARPA advance device development program. Each
of these programs is highly complementary with Ibis' internal process
development roadmap."
-- MORE --
Ibis Technology Corporation 32A Cherry Hill Drive Danvers, MA 01923
Telephone (508) 777-4247 or (508) 777-IBIS Fax (508) 777-6570
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IBIS TECHNOLOGY CORPORATION
Page Two
November 4, 1997
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: The statements contained in this press release which are not historical
fact are forward-looking statements based upon management's current
expectations that are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in or implied by
forward-looking statements, including, but not limited to, product demand and
market acceptance risks, general economic conditions, the impact of competitive
products, technologies and pricing, equipment capacity and supply constraints
or difficulties, the cyclical nature of the semiconductor industry, and other
risks described in the Company's Securities and Exchange Commission filings.
Ibis Technology Corporation is an advance 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.
Information about Ibis Technology Corporation and SIMOX-SOI is available on
Ibis' World Wide Web site on the Internet located at http://www.ibis.com.
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