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CREE RESEARCH, INC. ANNOUNCES DEVELOPMENTS RELATED TO IPO

 DURHAM, N.C., March 9 /PRNewswire/ -- Cree Research, Inc. (NASDAQ-NMS: CREE), based in Durham, N.C., recently completed an initial public offering of 1,400,000 shares of common stock. The shares were offered to the public at $8.25 in February, and trade on the NASDAQ National Market System. Cree's underwriter, Paulson Investment Company, exercised its overallotment option and purchased an additional 210,000 shares from the company on Feb. 25, 1993, bringing the total offering amount to $13,282,500.
 The General Electric Pension Trust (GEPT) purchased 280,000 shares of Cree's common stock, representing 5.5 percent of outstanding shares. The company was advised that GEPT acquired these shares for investment purposes only. In addition, the J.O. Patterson Group, which includes the Phoenix Limited Partnership and the Falcon Fund International Partnership, has filed a 13D with the Securities and Exchange Commission. A filing is typically required of any investor who acquires more than 5 percent of a publicly held company. The group purchased 340,000 shares, or 6.6 percent of the company's total outstanding shares.
 Cree is the leader in developing and manufacturing electronic devices made from silicon carbide, a semiconductor material that is superior to other semiconductor materials for certain applications. Silicon carbide offers advantages where factors such as high-temperature operation, blue light emission, storage of electrical charge, and generation of high-power microwave signals are important to the performance of an electronic system.
 -0- 3/9/93
 /CONTACT: Alan Robertson, Chief Financial Officer, Cree Research, Inc., 919-361-5709/
 (CREE)


CO: Cree Research, Inc. ST: North Carolina IN: CPR SU: OFR

SB -- CH006 -- 4445 03/09/93 10:20 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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