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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): OCTOBER 24, 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.
On October 24, 1997, the Registrant publicly disseminated a
press release announcing the appointment, effective December 1,
1997, of Martin J. Reid as its President and Chief Executive
Officer and as a member of its Board of Directors. Mr. Reid will
succeed Dr. Geoffrey Ryding as President and Chief Executive
Officer. Dr. Ryding will remain a member of the Board of
Directors. 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 October 24, 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: October 24, 1997 /s/ Timothy Burns
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Timothy 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 October 24, 1997
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[Ibis LOGO]
Technology Corporation
CONTACT:
Timothy Burns Van Negris/John P. Kehoe
Ibis Technology Corporation Kehoe, White, Savage & Company, Inc.
(508) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
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MARTIN J. REID TO SUCCEED DR. GEOFFREY RYDING
AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF IBIS TECHNOLOGY CORPORATION
DANVERS, MA -- OCTOBER 24, 1997 -- Martin J. Reid, 56, has been named President,
Chief Executive Officer and Director of Ibis Technology Corporation (Nasdaq:
IBIS), the leading supplier of SIMOX-SOI (Separation by IMplantation of OXygen /
Silicon-On-Insulator) wafers to the semiconductor industry. Mr. Reid will assume
the positions effective December 1, 1997 and will succeed Dr. Geoffrey Ryding,
55, who will remain on the Board of Directors and continue to serve as a
consultant to the Company.
Dr. Geoffrey Ryding, President and Chief Executive Officer, said: "I have been
involved in the semiconductor industry for over 30 years and my primary focus
has been on equipment development. Now that the equipment development work at
Ibis is largely completed, I am delighted to turn over the reins of Ibis to
Martin Reid. Martin's appointment as Chief Executive Officer is consistent with
the management requirements associated with the strategic change in emphasis of
Ibis' business to now focus on SIMOX-SOI materials and applications. Although I
will be pursuing other non-competitive opportunities in the area of equipment
technology, I remain committed to Ibis and will continue to give my full
support to the Company."
Richard Hodgson, Chairman of the Board of Ibis Technology Corporation, stated:
"We wish to acknowledge the exceptional contributions of Dr. Geoffrey Ryding in
establishing core SIMOX-SOI technology as a viable candidate for mainstream
commercial applications and Ibis as a major player in the emerging global SOI
marketplace. Ibis has been fortunate to enjoy the services of Dr. Ryding, whose
preeminence in the equipment industry is widely recognized, during the period
when the Company's primary focus was on the development of the Ibis 1000
implanter and related technologies. All of us at Ibis wish him well in his
diverse business activities going forward and are very pleased that he has
chosen to remain a Director."
Martin J. Reid comes to Ibis with over 25 years experience in the semiconductor
industry, where he served most recently until July 1996 as President and Chief
Executive Officer of Alpha Industries, Inc. (AMEX: AHA), an approximately $100
million corporation. Over a period of 20 years at Alpha, he helped increase the
silicon semiconductor business ten-fold and started a new Gallium-Arsenide
(GaAs) integrated circuit technology which became the company's largest growth
area. Gallium-Arsenide material technology is used to fabricate monolithic
circuits in the accelerating wireless cellular telephone and personal
communications markets. Mr. Reid also established Alpha as a major supplier to
leading worldwide OEM cellular telephone manufacturers. Beginning in July of
1996, he assumed an advisory role at Alpha in which he focuses on business and
strategic issues related to the wireless and semiconductor technologies.
-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
October 24, 1997
Mr. Reid continues to serve on the boards of directors of Alpha Industries,
Inc. and Secure Technologies, Inc. He is also an advisor to various companies on
the latest emerging semiconductor technology trends. Mr. Reid received both his
BSEE and MSEM from Northeastern University and is a member of IEEE and other
IEEE professional groups.
Dr. Ryding continued: "Martin has had a technologically diverse and successful
career in growing high technology businesses, has a strong understanding of
technology trends and is ideally suited to assume the executive leadership of
Ibis. His experiences, accomplishments and leadership skills in business and
technology areas, which are closely related to Ibis' marketplace, mesh well
with Ibis' new challenges and opportunities as customers move into full scale
commercial production utilizing SIMOX-SOI wafers. I look forward with enthusiasm
to Martin's contributions to our Company."
Martin J. Reid, incoming President and Chief Executive Officer of Ibis
Technology Corporation, stated: "I am honored to be joining Ibis at this stage
in the Company's development. From my perspective of over 25 years in the
industry, I believe that the technology "sweet spot" the market is seeking --
the ability to design high performance circuits that operate at high speeds and
low operating voltages -- is made possible by the unique advantages offered by
Ibis' SIMOX-SOI technology. Mainstream commercial applications have already
been built or demonstrated on SIMOX-SOI ranging from SRAMs and DRAMs to RF
devices to gate arrays to integrated optical circuits and much more. I look
forward to working with Geoff and Ibis' other highly talented and energetic
professionals in realizing the potentials of SIMOX-SOI."
"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 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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