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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): MARCH 11, 1998
IBIS TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23150 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 March 11, 1998, the Registrant publicly disseminated a press release
announcing that Mitsubishi Materials Corporation (Mitsubishi), through its
Mitsubishi Materials Silicon Corporation subsidiary, has issued a letter of
intent to purchase an Ibis 1000 oxygen implanter and has entered into
discussions with the Registrant regarding a licensing agreement related to the
Registrant's ADVANTOX SIMOX-SOI wafer product with exclusive rights to the
Japanese and Asian markets. This letter of intent was previously disclosed in
the Registrant's March 5, 1998 press release and in the Registrant's Form 8-K
Current Report as filed with the Commission on March 6, 1998. The letter of
intent was also reported in the March 10, 1998 issue of Nikkan Kougyo Shinbun
Business and Technology. 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 March 11, 1998.
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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: March 12, 1998 /s/ Debra L. Nelson
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Debra L. Nelson, 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 March 11, 1998
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[IBIS LOGO] EXHIBIT 99.1
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Technology Corporation
CONTACT
Debra L. Nelson Van Negris / Philip J. Denning
Ibis Technology Corporation Kehoe, White, Savage & Co., Inc.
(978) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE:
IBIS TECHNOLOGY CORPORATION REPORTS
LETTER OF INTENT FROM MITSUBISHI MATERIALS CORPORATION
TO PURCHASE IBIS 1000 OXYGEN IMPLANTER, AS PREVIOUSLY ANNOUNCED;
IBIS AND MITSUBISHI IN DISCUSSIONS
TO LICENSE IBIS SIMOX-SOI ADVANTOX(TM) PROCESS;
IBIS' STRATEGIC PARTNER MITSUBISHI MATERIALS CORPORATION
ENTERS NEW PHASE OF COOPERATIVE BUSINESS RELATIONSHIP
DANVERS, MA MARCH 11, 1998 - 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 Mitsubishi Materials Corporation (Mitsubishi), through its Mitsubishi
Materials Silicon Corporation subsidiary, has issued a letter of intent to
purchase an Ibis 1000 oxygen implanter and has entered into discussions
regarding a licensing agreement related to Ibis' ADVANTOX(TM) SIMOX-SOI wafer
product with exclusive rights to the Japanese and Asian markets. The letter of
intent was previously disclosed in Ibis' March 5, 1998 press release and was
reported in the March 10, 1998 issue of Nikkan Kougyo Shinbun Business and
Technology.
Mitsubishi's intent to purchase an Ibis 1000 and discussions to enter into an
ADVANTOX(TM) licensing agreement represent a strengthening of its cooperative
business relationship with Ibis. Mitsubishi Materials Corporation has been
Ibis' strategic partner since 1994 and has the exclusive right to sell Ibis'
SIMOX-SOI wafers in Japan. In addition, the two companies have collaborated on
an extensive research and development program aimed at improving the quality
and manufacturing of SIMOX SOI wafers.
It was also reported that Mitsubishi is committed to expanding their ability to
supply Ibis' SIMOX-SOI wafers to all of Asia. Mitsubishi's U.S. subsidiary,
Mitsubishi Silicon America, will cooperate with Ibis on martket development for
North America and Europe.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, commented: "The Nikkan report confirms Mitsubishi Materials
Corporation's intent to purchase an Ibis 1000 implanter, as previously
announced, and to work with Ibis on the manufacturing, marketing and
distribution of SIMOX SOI wafers in the highly strategic Japanese and Asian
markets. We welcome the opportunity to enter the next phase of our close
collaborative relationship with Mitsubishi Materials Corporation, one of the
world's leading silicon wafer manufacturers. We believe that the combined
efforts of Ibis and Mitsubishi is an important step in the adoption of
SIMOX-SOI technology worldwide."
-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
March 11, 1998
Ibis Technology Corporation is an advanced materials company which supplies
SIMOX-SOI wafers to the semiconductor industry and whose goal is to be the
world leader in volume manufacturing of SIMOX-SOI wafers. SIMOX-SOI wafers are
silicon-on-insulator wafers which enable the production of integrated circuits
with significant advantages over circuits constructed on conventional bulk
silicon or epitaxial wafers. Ibis is promoting the global acceptance of
SIMOX-SOI wafers by continuing to develop advanced proprietary oxygen
implanters and process technology as well as by the formation of strategic
alliances.
"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.
NOTE: Information about Ibis Technology Corporation and SIMOX-SOI is available
on Ibis's World Wide Web site on the Internet at: http//www.ibis.com
NOTE TO EDITORS
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The following is a translation of an article that appeared in the March 10, 1998
edition of Nikkan Kougyo Shinbun Business and Technology in Japan:
Mitsubishi Materials Corporation (President: Yumi Akimoto; Paid-in Capital:
99.3 yen) and Ibis Technology Corporation, A U.S. company (President and Chief
Executive Officer: Martin J. Reid; Headquarters: Danvers, MA) have agreed to
enter the new phase of their cooperative business relationship, including a
licensing agreement relating to Ibis' SIMOX wafers. The two companies have been
cooperating since 1994 in technology and market development of SIMOX wafers.
SIMOX wafers are types of SOI/(Silicon on Insulator) wafers which feature a
oxide layer buried beneath the surface of a silicon wafer. SIMOX wafers are
expected to find wide application in semiconductor devices requiring high speed,
low voltage and low power consumption. The new business agreement will cover the
purchase of an ion implanter developed by Ibis, known as the Ibis 1000, by
Mitsubishi Materials' subsidiary company, Mitsubishi Materials Silicon
Corporation. With the purchase of this equipment, Mitsubishi Materials
Corporation will become a reliable supplier to its Japanese and Asian customers.
In addition to the high-dose wafers, SIMOX wafers to be supplied will include
ADVANTOX(TM) wafers which are newly developed low dose wafers. Among the many
different types of low dose wafers manufactured thus far, ADVANTOX(TM) wafers
show the lowest pinhole density, low enough for mass production of the
semiconductor devices.
With regard to sales of SIMOX wafers, Mitsubishi Materials Corporation will
have exclusive sales rights in Japan and the Asian market. For the North
American and European market, Mitsubishi Materials Corporation's U.S.
subsidiary, Mitsubishi Silicon America, will cooperate with Ibis in market
development and sales.
With the new agreement, the combined production capacity of Mitsubishi Materials
Corporation and Ibis will be approximately 10,000 six-inch or eight-inch wafers
per month, which is believed to be the world's largest production capacity for
SIMOX-SOI wafers today.
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