ALBUQUERQUE, N.M., June 30 /PRNewswire-FirstCall/ -- EMCORE Corporation , a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that it had agreed to sell 2,000,000 shares of Series D Preferred Stock of WorldWater & Solar Technologies Corporation (BULLETIN BOARD: WWAT.OB) , together with 200,000 Warrants, to The Quercus Trust, a major shareholder of both EMCORE and WorldWater, at a price equal to $6.54 per share of the Series D Preferred Stock. The Series D Preferred Stock is convertible into WorldWater Common Stock at a ratio of 10 to 1, and each of the Warrants entitles the holder to purchase a share of Series D Preferred Stock for a price of $3.17 per share. The sale will take place through two closings, one for 1,000,000 shares and 100,000 warrants, which closed on Friday, June 27, 2008, and one for an equal number of shares and warrants which should close before July 31, 2008. Total proceeds from the sale approximates $13.1 million.
EMCORE purchased 4,892,857 shares of Series D Preferred Stock, together with 505,044 Warrants, in November 2006, and has a contractual right to purchase additional shares and warrants. In summary, EMCORE sold 2.2 million of its 5.4 million shares and warrants of WorldWater, which represents a 130% return on investment.
About EMCORE
EMCORE Corporation is a leading provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com/.
Safe Harbor
Statements in this press release that are not historical facts, and the assumptions underlying such statements, constitute "forward- looking statements" and assumptions underlying "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and involve a number of risks and uncertainties, including whether the second closing with the Quercus Trust will occur. Readers should also review the risk factors set forth in EMCORE's Annual Report on Form 10-K for the fiscal year ended September 30, 2007. These forward-looking statements are made as of the date hereof, and EMCORE does not assume any obligation to update these statements.
CONTACT:
EMCORE Corporation
Adam Gushard - Interim Chief Financial Officer
(505) 332-5000
