GE Lighting And EMCORE Corporation Complete Formation Of New Company, GELcore LLC, To Design And Market Solid State Lighting Products; GE To Own Up To 6.5% Of EMCORE.

SOMERSET, N.J.--(BUSINESS WIRE)--June 3, 1999--

GE Lighting and EMCORE Corporation (Nasdaq: EMKR) have announced the completion of the formation of GELcore LLC, a joint venture to develop and market white light and colored HB LEDs (high-brightness light emitting diodes).

GELcore will develop and market HB LEDs as possible replacements and alternatives for applications, such as miniature automotive, compact fluorescent, halogen and traditional incandescent lighting. The advantages of HB LEDs include a lifespan of more than 100,000 hours, enhanced durability, compact design, and significantly reduced energy consumption. GELcore expects to introduce its first commercial products in the second half of 1999.

Under the terms of the joint venture agreement signed in January 1999, GE Lighting will hold a 51% interest in GELcore and EMCORE will hold a 49% interest. EMCORE issued to GE lighting warrants to purchase shares of EMCORE's common stock, which will expire in 2006. In a related transaction, GE Equity purchased a subordinated convertible debenture, the proceeds from which will be used to fund EMCORE's investment in GELcore. GE will beneficially own approximately 6.5% of EMCORE based on 9,500,086 shares of common stock outstanding on May 1, 1999.

One of General Electric Company's major businesses, GE Lighting, headquartered in Cleveland, is a leader in technology, lamp manufacturing and marketing in the global lighting industry.

EMCORE designs, develops and manufactures compound semiconductor wafers and devices, and is a leading developer and manufacturer of the tools and manufacturing processes used to fabricate compound semiconductor wafers and device. The Company's products and technology enable customers in the United States and internationally to manufacture commercial volumes of high performance electronic devices using compound semiconductors. EMCORE manufactures semiconductors that are used in a wide variety of applications, including satellite, data, wireless and telecommunications, consumer and automotive electronics, computers and peripherals.

The information provided herein may include forward-looking statements relating to future events, such as the development of processes, the commencement of production, or the future financial performance of the Company. Actual operating results may differ from such projections and are subject to certain risks, including, without limitation, risks arising from: changes in semiconductor industry growth, increased competition, delays in developing and commercializing new products, export risks, labor actions against the Company's customers or vendors, and other factors described in the Company's filings with the Securities and Exchange Commission.