Veeco Instruments Inc. (ticker: VECO, exchange: NASDAQ Global Market (.O))
News Release -
Elec-Tech Places Order for Multiple MaxBright MOCVD Systems
PLAINVIEW, N.Y., May 17, 2011 (BUSINESS WIRE) --
Veeco Instruments Inc. (Nasdaq: VECO) today announced that Elec-Tech
International has placed a multi-unit order for Veeco's recently
MaxBright(TM) MOCVD System for production of high-brightness
light-emitting diodes (HB LEDs) at their facility in Wuhu, China.
Tony Wang, Chairman of Elec-Tech commented, "As we have previously
stated, our goal is to become one of the top three LED companies by
output and sales revenue in China within two years, and we have an
aggressive plan to achieve this goal. By adding Veeco's new
multi-chamber MaxBright, we expect to be able to compete in a very
high-production environment and drive down the cost of LEDs. We are
excited by what we have seen with MaxBright in terms of its
cost-of-ownership model, ease-of-use, and the great footprint advantage
it will offer us in our fab."
Mr. Wang added, "When we selected Veeco last year as our primary
equipment supplier, it was not just because of the success of the K465i,
but also because of the roadmap they shared with us on the new
multi-reactor MaxBright system. Also, Veeco's service and support has
been excellent, so we have a lot of confidence giving them these
additional orders for our capacity ramp."
William J. Miller, Executive Vice President, Veeco LED & Solar added,
"Elec-Tech is moving fast to ramp capacity and gain share in the LED
market. We are pleased to be able to support this ramp with our latest
generation MaxBright product."
Elec-Tech International is a Shenzhen-listed electronics company that
has signed a joint venture cooperative agreement with South Korean firm
EpiValley to jointly develop the Chinese LED market. Further information
on Elec-Tech is available at http://www.electech.com.cn/en/index.aspx.
Veeco makes equipment to develop and manufacture LEDs, solar panels,
hard disk drives and other devices. We support our customers through
product development, manufacturing, sales and service sites in the U.S.,
Korea, Taiwan, China, Singapore, Japan, Europe and other locations.
Please visit us at www.veeco.com.
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from the statements
made. These factors include the risks discussed in the Business
Description and Management's Discussion and Analysis sections of Veeco's
Annual Report on Form 10-K for the year ended December 31, 2010 and in
our subsequent quarterly reports on Form 10-Q, current reports on Form
8-K and press releases.Veeco does not undertake any obligation
to update any forward-looking statements to reflect future events or
circumstances after the date of such statements.
SOURCE: Veeco Instruments Inc.
Veeco Instruments Inc.
Debra Wasser, 516-677-0200 x1472
SVP Investor Relations & Corporate Communications
Fran Brennen, 516-677-0200 x1222
Senior Director Marcom