Public Offering, New Name for Cree Research.(Brief Article)

Cree Research (4600 Silicon Dr., Durham, NC) filed a registration statement with the SEC relating to a proposed public offering of 2.6 million shares of common stock by the company. The managing underwriters for the offering are CIBC World Markets, Prudential Volpe Technology Group (a unit of Prudential Securities), Banc of America Securities LLC, SoundView Technology Group, and Morgan Keegan & Company Inc. The company plans to use the proceeds from the offering for its manufacturing facility expansion and research and development, and general corporate purposes.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the prospectus, when available, may be obtained from CIBC World Markets, 425 Lexington Ave., New York, NY.

In other news, effective January 1, 2000, the corporate name has been changed to Cree Inc. The corporate name change was approved by shareholders at the November 2, 1999, annual shareholders meeting.

Contact: Fran Barsky, Investor Relations Manager; Tel: 919/313-5397.

Cree also reported record second quarter fiscal year 2000 results of $23,930,000, a 19% increase over the year-ago period. Earnings per share rose 80% to $0.18 per diluted share, reported in the comparable period last year (adjusted for the company's 2-for-1 stock split in July, 1999). Net income increased 103% to $5,784,000. The high-brightness light-emitting diodes devices accounted for 71% of LED sales during the second fiscal quarter.

Briefly Noted:

* Applied Materials finalized its acquisition of Web CMP toll developer Obsidian (Fremont, CA) in a stock swap deal worth roughly $163 million at recent share prices. Under the terms of the transaction, holders of Obsidian common stock, preferred stock, options, and warrants will receive, in the aggregate, about 1.9 ...