AXT, Inc. Announces Support of Interim Operations
March 20 2009 - 9:00AM
Marketwired
AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound
semiconductor substrates, today announced that the Board of
Directors has invested Wilson W. Cheung, the Company's Chief
Financial Officer, with the responsibility of administering
day-to-day operations following the resignation of the Company's
Chief Executive Officer on March 17, 2009. Mr. Cheung is expected
to perform the functions of principal executive officer in addition
to his function as Chief Financial Officer during this transition
period, and pending the appointment of an interim chief executive
officer to serve until a successor Chief Executive Officer is
named.
The Board of Directors intends to continue to work closely with
Mr. Cheung and the Company's other executive officers, to make sure
that the Company continues to operate smoothly and without
interruption. Mr. Cheung is expected to handle daily administration
of the Company, with Mr. Raymond A. Low, Vice President, Corporate
Controller to provide additional support to Mr. Cheung during this
period of transition. Mr. Minsheng Lin will manage operations at
the Company's facility in Beijing, China. Mr. Davis Zhang will
manage the Company's joint venture operations. Mr. John J. Cerilli
and Mr. Robert G. Ochrym will manage the Company's global sales,
marketing and business development efforts, with assistance
continued to be provided by the Company's other executive
officers.
"The Board of Directors is committed to helping management in
any way necessary during this transition period," said Jesse Chen,
Chairman of the Board of Directors. "We have complete confidence in
the ability of our management team to effectively continue
operations of our business while we move ahead in the process of
appointing an interim CEO and pending appointment of a replacement
CEO."
"AXT enters 2009 with a strong financial position, and a diverse
and comprehensive product portfolio addressing a range of growing
and emerging markets. While the macro-environment presents some
near-term challenges, we continue to believe that we can
successfully leverage our competitive advantages and continue to
strengthen our results and competitive positioning as the global
economy improves," said Mr. Cheung.
About AXT, Inc.
AXT designs, develops, manufactures and distributes
high-performance compound and single element semiconductor
substrates comprising gallium arsenide (GaAs), indium phosphide
(InP) and germanium (Ge) through its manufacturing facilities in
Beijing, China. In addition, AXT maintains its sales,
administration and customer service functions at its headquarters
in Fremont, California. The company's substrate products are used
primarily in lighting display applications, wireless
communications, and fiber optic communications. Its vertical
gradient freeze (VGF) technique for manufacturing semiconductor
substrates provides significant benefits over other methods and
enabled AXT to become a leading manufacturer of such substrates,
particularly in optoelectronics applications. AXT has manufacturing
facilities in China and invests in five joint ventures producing
raw materials. For more information, see AXT's website at
http://www.axt.com.
Safe Harbor Statement
The foregoing paragraphs contain forward-looking statements
within the meaning of the Federal Securities laws, including
statements regarding our balance sheet, ability to address growing
and emerging markets, opportunities from our customer
relationships, and our ability to continue to drive future
businesses in 2009. These forward-looking statements are based upon
specific assumptions that are subject to uncertainties and factors
relating to the company's operations and business environment,
which could cause actual results of the company to differ
materially from those expressed or implied in the forward-looking
statements contained in the foregoing discussion. These
uncertainties and factors include but are not limited to overall
conditions in the markets in which the company competes; global
financial conditions and uncertainties, market acceptance and
demand for the company's products; the impact of the factory
closures or other delays by our customers on the timing of sales of
products; and other factors as set forth in the company's annual
report on Form 10-K and other filings made with the Securities and
Exchange Commission. Each of these factors is difficult to predict
and many are beyond the company's control. The company does not
undertake any obligation to update publicly any forward-looking
statement, as a result of new information, future events or
otherwise.
Contacts: Wilson W. Cheung Chief Financial Officer (510)
683-5900 Leslie Green Green Communications Consulting, LLC (650)
312-9060
AXT (NASDAQ:AXTI)
Historical Stock Chart
From May 2024 to Jun 2024
AXT (NASDAQ:AXTI)
Historical Stock Chart
From Jun 2023 to Jun 2024