Emcore Acquires Tecstar's Applied Solar Division

SOLARCELLS

Earl Fuller, Vice President of Emcore's PhotoVoltaic division stated, "Emcore's added capability will have a significant impact on satellite performance. The synergy of Emcore's industry-leading technology with Tecstar's proven flight processes will result in cost-effective solar components that surpass current technologies and offerings."

Somerset - Mar 18, 2002
Emcore Corp has completed the acquisition of the Applied Solar Division business of Tecstar, Inc. The acquisition will augment Emcore's capability to penetrate the satellite communications sector and enable the Company to provide satellite manufacturers with proven integrated satellite power solutions that considerably improve satellite economics.

Emcore will continue Tecstar's impressive flight heritage and solar component manufacturing expertise, which dates back to 1958 when the Vanguard satellite with Tecstar solar cells was launched.

Tecstar's solar panel technology has flown on numerous successful satellite missions, including Lockheed Martin's Chinastar, Loral's Telstar satellite and Orbital Sciences' ORBCOMM Constellation. Tecstar's solar cells were used to accomplish the recent Hubble Space Telescope power upgrade.

Emcore's multi-junction solar cell technology will be used on approximately 10 satellite launches over the next 3 years. The Company is currently completing the process of qualifying its advanced solar cells with Tecstar's proven solar panel processes for LEO and GEO orbits.

The combination of Tecstar's demonstrated success with well known space programs and Emcore's industry-leading solar cell technology will enable Emcore to dramatically improve satellite economics.

Emcore currently manufactures the most efficient radiation hard solar cell in the world, with a beginning of life efficiency of 27.5%. Satellite success and corresponding revenues depend on power efficiency and the satellite's capacity to transmit data.

Fuller also added, "The experience and industry knowledge of Tecstar's talented employees will be a tremendous contribution to the success of our satellite communications programs."

"Emcore will now have the capability to provide satellite manufacturers the unique combination of world-renowned solar cell technology and well-established solar panel heritage. Satellite manufacturers and solar array integrators will be able to rely on a single supply source that meets all of their satellite power needs," added Reuben F. Richards, Jr., President and CEO of Emcore.

Under the terms of the acquisition, which was completed by the parties on March 13, 2002, Emcore paid approximately $20 million for Tecstar's Applied Solar Division, with additional financing for forgiveness of a debtor-in-possession (DIP) loan, making the total purchase consideration approximately $21 million. In calendar 2001, Tecstar had revenues of approximately $23 million.

SPACEMART

Emcore Enters Agreement to Acquire Tecstar's Applied Solar Division

Somerset - Feb 13, 2002
Emcore, a provider of semiconductor technologies, has reached an agreement to acquire certain assets of the Applied Solar Division business of Tecstar. The transaction will make Emcore the world's largest independent solar panel integrator. Under the terms of the agreement, which was signed by the parties on February 6, 2002, Emcore will pay $21 million for the solar cell business and operations of Tecsta.

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