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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): MARCH 16, 1998
IBIS TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
MASSACHUSETTS 0-23150 04-2987600
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
32 CHERRY HILL DRIVE, DANVERS, MASSACHUSETTS 01923
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (978) 777-4247
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ITEM 5. OTHER EVENTS.
On March 16, 1998, the Registrant publicly disseminated a press
release announcing that it has been awarded two new research and development
contracts valued at approximately $1,041,000.
The United States Air Force has awarded the Registrant a $749,000 Phase II
contract under the Small Business Innovative Research (SBIR) Program, aimed at
the final development of a non-destructive acoustic phonon analysis technique to
characterize silicon dislocations in SIMOX substrates. By using a
non-destructive process, the Registrant believes that increased lot yields will
be realized. To date, dislocation analysis has been destructive and time
consuming. This program will span a two-year period and the goal is to provide
an accurate, automatic evaluation technique for SOI substrate production.
Honeywell Solid State Electronics Center will test the wafers for advanced
circuitry.
The Defense Special Weapons Agency (DSWA) has awarded the Registrant a
$292,000 contract. The program is designed to provide a radiation hardened
SIMOX-SOI substrate manufacturing process for support of hardened substrate
circuits and systems of the defense department. Wafers from this program will be
analyzed by Honeywell, the Naval Research Laboratories, Lincoln Laboratories,
and Sandia National Laboratories. The Phase I program is expected to be
completed by January 1999.
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 16, 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
(Registrant)
Date: March 17, 1998 /s/ Debra L. Nelson
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Debra L. Nelson, 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 March 16, 1998
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[Ibis Technology Corporation LOGO]
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 AWARDED $1,040,000 IN SIMOX-SOI R&D CONTRACTS
DANVERS, MA - MARCH 16, 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 it has been awarded two new research and development (R&D) contracts
valued at approximately $1,041,000.
The United States Air Force has awarded Ibis a $749,000 Phase II contract,
under the Small Business Innovative Research (SBIR) Program, aimed at the final
development of a non-destructive acoustic phonon analysis technique to
characterize silicon dislocations in SIMOX substrates. By using a
non-destructive process, the Company believes that increased lot yields will be
realized. To date, dislocation analysis has been destructive and time
consuming. The program will span a two-year period and the goal is to provide
an accurate, automatic evaluation technique for SOI substrate production.
Honeywell Solid State Electronics Center will test the wafers for advanced
circuitry.
The Defense Special Weapons Agency (DWSA) has awarded Ibis a $292,000 contract.
The program is designed to provide a radiation hardened SIMOX-SOI substrate
manufacturing process for support of hardened substrate circuits and systems of
the defense department. Wafers from this program will be analyzed by Honeywell,
the Naval Research Laboratories, Lincoln Laboratories, and Sandia National
Laboratories. The Phase I program is expected to be completed by January 1999.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, commented: "We believe that these programs will provide additional
tools and processes that will enable us to meet the requirements of our
customers in commercial and defense sectors. This work complements our internal
research and development activities enhancing our ability to meet the
increasing demand for high quality SIMOX-SOI wafers."
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 located at
http//www.ibis.com
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