Advanced Power Technology & Northrop Grumman Enter Into Silicon Carbide License Agreement; Next Generation Chip Technology for Power Electronics in Military and Commercial Applications Ranging from Radar to Hybrid Vehicles.BEND, Ore. -- Advanced Power Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : APTI APTI Association for Preservation Technology International APTI Air Pollution Training Institute ), a leading supplier of high performance power semiconductors announced today that the company has entered into a license agreement with the Electronic Systems' sector of Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corporation (NYSE NYSE See: New York Stock Exchange :NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, ) to manufacture next-generation silicon carbide silicon carbide, chemical compound, SiC, that forms extremely hard, dark, iridescent crystals that are insoluble in water and other common solvents. Widely used as an abrasive, it is marketed under such familiar trade names as Carborundum and Crystolon. ("SiC") microelectronic devices. This agreement forms an exclusive foundry supplier relationship whereby Northrop Grumman will license certain SiC technology to Advanced Power Technology including relevant SiC patents and manufacturing methods to enable Advanced Power Technology to manufacture proprietary high performance SiC microelectronic devices exclusively for Northrop Grumman. In addition, the agreement allows Advanced Power Technology to use the licensed technology to manufacture and sell other high performance SiC devices for commercial purposes. Both companies possess substantial expertise in SiC technology and view SiC based power semiconductors as strategically important to a wide array of next generation applications. The driving force for the adoption of silicon carbide for military as well as civilian applications is the need to reduce weight and size of power control and management systems and their associated support In naval air operations, assistance provided by a force or unit to another force or unit that is under independent tactical control, neither being subordinate to the other. See also direct support; support. equipment, in particular cooling systems cooling systems for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used. and heat dispersing packaging. SiC semiconductors have demonstrated large performance advantages in numerous test beds over the most advanced silicon components. Military applications include radar, hybrid power Hybrid Power in this context describes the combination of a power producer and the means to store that power in an energy storage medium. In power engineering, the term 'hybrid' does not mean a "method," such as the popular use of hybrid to mean a vehicle like the Toyota systems, electric power control and distribution, electronic jamming, and wideband communications systems. Potential non-military applications that can benefit from silicon carbide's military-level performance include hybrid vehicles, electric power transmission, computer/servers, medical systems, and alternative energy. Russell Crecraft, Advanced Power Technology's Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated, "We are very pleased to enter into a long term contractual relationship with a world class company such as Northrop Grumman. The development of SiC products for both Switchmode and RF power conversion applications has been and continues to be a key strategic initiative for Advanced Power Technology. We expect this new relationship with Northrop Grumman to substantially accelerate our progress towards becoming the leading supplier of SiC power semiconductor products. Combining the expertise of both companies will allow APT to provide leading edge devices built with the highest level of SiC technology." "Advanced Power Technology brings a solid track record of producing proprietary devices," said Jack Hawkins, Director of the Advanced Materials & Semiconductor Device Technology Center for Northrop Grumman's Electronic Systems sector. "We're looking forward to working together on this next generation of SiC technology." The agreement comes at a time when Advanced Power Technology is in the process of being acquired by Microsemi Corporation. Steve Litchfield, Microsemi's Vice President of Business Development, stated "Advanced Power Technology's Silicon Carbide Strategy and capabilities were an important element in our decision to acquire the company. We look forward to participating with them in a very successful relationship." About Advanced Power Technology With operations in Bend, Oregon, Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , Montgomeryville, Pennsylvania, Boulder, Colorado and Bordeaux France, Advanced Power Technology is a leading supplier of power semiconductors for RF, Microwave, Linear, and Switchmode Applications. For additional information on Advanced Power Technology, visit its website at www.advancedpower.com. About Northrop Grumman Corporation Northrop Grumman Corporation is a global defense company headquartered in Los Angeles, Calif. Northrop Grumman provides a broad array of technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding, and space technology. The company has more than 125,000 employees and operates in all 50 states and 25 countries and serves U.S. and international military, government and commercial customers. For more information on Northrop Grumman visit its web site at www.northropgrumman.com. About Microsemi Corporation Microsemi Corporation is global supplier of semiconductors specializing in system-engineered integrated circuits and high reliability discrete devices. For additional information on Microsemi Corporation, visit its website at www.microsemi.com. About the Acquisition Microsemi Corporation has filed a registration statement (including a prospectus) with the SEC for the issuance of Microsemi shares to APT shareholders in connection with the acquisition of APT The prospectus in that registration statement, and the other documents Microsemi has filed with the SEC in connection with that registration statement contain additional material information about APT, Microsemi, and the terms of the acquisition. You may get these documents for free by visiting EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. on the SEC Web Site at www.sec.gov. Alternatively, you may request Microsemi to send you the prospectus by calling 949-221-7101. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. APT cautions that such statements, including statements concerning the potential benefits of this contract, are subject to a number of uncertainties, and actual results may differ materially. Factors that could affect the Company's actual results include the ability of subcontractors to meet their delivery commitments; unfavorable changes in industry and competitive conditions; the Company's mix of product shipments; the accuracy of customers forecasts; the effectiveness of the Company's efforts to control and reduce costs; and other uncertainties disclosed in the Company's filings with the Securities and Exchange Commission including our Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 8, 2005. The Company assumes no obligation to update the information in this release. |
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