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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
Date of Report (Date of earliest event reported): MAY 21, 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 May 21, 1997, the Registrant publicly disseminated a press release
announcing that Mitsubishi Electric Corporation ("Mitsubishi Electric") reported
that it is marketing a device fabricated on SIMOX-type silicon-on-insulator
("SOI") wafers, most of which wafers are the Registrant's products being
supplied by Mitsubishi Materials Corporation ("Mitsubishi Materials").
Mitsubishi Materials is a strategic partner of the Registrant and has the
exclusive rights to sell the Registrant's SIMOX-SOI wafers in Japan. Mitsubishi
Electric indicated that it intends to begin taking orders for the new devices in
July 1997 with sampling quantities becoming available in November 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.
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(c) Exhibit.
99.1 The Registrant's Press Release dated May 21, 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: May 23, 1997 /s/ Timothy Burns
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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 May 21, 1997
4
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Exhibit 99.1
[LOGO IBIS TECHNOLOGY CORPORATION LETTERHEAD]
CONTACT:
Timothy Burns / Dr. Michael Alles 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 REPORTS
SIMOX-SOI TECHNOLOGY IS ADOPTED IN COMMERCIAL PRODUCT;
MITSUBISHI ELECTRIC CORPORATION ANNOUNCES
COMMERCIAL PRODUCT FABRICATED ON SIMOX-SOI;
IBIS' STRATEGIC PARTNER MITSUBISHI MATERIALS CORPORATION
supplying simox-SOI WAFERS TO MITSUBISHI ELECTRIC
DANVERS, MA -- MAY 21, 1997 -- Ibis Technology Corporation (NASDAQ:IBIS), the
leading supplier of SIMOX-SOI (Separation by Implantation of Oxygen /
Silicon-on-Insulator) wafers to the semiconductor manufacturers, today announced
that Mitsubishi Electric Corporation (MELCO) reported that it is marketing a
device fabricated on SIMOX-type silicon-on-insulator (SOI) wafers, most of which
are Ibis products being supplied by Mitsubishi Materials Corporation (MMC). MMC
is Ibis' strategic partner who has the exclusive rights to sell Ibis'
SIMOX-SOI wafers in Japan.
Mitsubishi Electric Corporation stated that it is marketing a new SOI-based
580K-gate master array that uses 0.35 micron, three-level metal processes,
operating at 1 to 2 volts and 50 to 150 MHz, respectively, and having the power
consumption of 0.05 micro W/MHz/gate. The new array's performance
characteristics are well suited to high-speed/low-power applications such as
components for portable electronic products. MELCO indicated that it intends to
begin taking orders for the new devices in July, 1997 with sampling quantities
becoming available in November, 1997.
Minoru Mizukoshi, President of Mitsubishi Materials Corporation, stated: "We are
honored to support Mitsubishi Electric Corporation's growing requirements for
high quality Ibis SIMOX-SOI wafers. This is a very exciting development for the
Japanese market."
Using the new device, MELCO announced that it has prototyped a 192-kbit SRAM,
which is 55 percent faster than a corresponding device built on conventional
bulk silicon, and an ATM IC (asynchronous transfer mode integrated circuit)
operating on 2 volts at 156 MHz, with power consumption estimated to be
one-third that of bulk devices.
Dr. Michael Alles, Director of Marketing and Applications Engineering of Ibis
Technology Corporation, said: "These prototype devices are typical examples of
the ability to maintain high speed operation at reduced power consumption
levels, made possible through the use of SIMOX-SOI-based technology. We believe
that this development reflects the on-going progress our diverse customer base
is making toward marketing devices built on SIMOX-SOI for use in commercial
applications."
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Ibis Technology Corporation
May 21, 1997
Page Two
Dr. Geoffrey Ryding, President and Chief Executive Officer of Ibis Technology
Corporation, commented: "We are pleased by this development as these are among
the first SIMOX-SOI-based commercial devices being marketed. The close
collaborative relationship with our strategic partner, Mitsubishi Materials
Corporation, was a key factor throughout the entire sampling-testing-full
circuit evaluation sales cycle."
"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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