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Equipment and Materials ♦ news digest


believe it will become a smaller portion of our Terahertz revenue as our commercial business increases.”


Rubicon secures $25 million revolving credit facility


The financing to the sapphire substrate manufacturer strengthens its liquidity position


Rubicon Technology, Inc. has announced the closing of a three year $25 million secured revolving credit facility with Silicon Valley Bank.


“This undrawn credit facility bolsters Rubicon’s strong liquidity position,” says William Weissman, Chief Financial Officer of Rubicon Technology. “We believe it is prudent to establish this additional financial flexibility for the future.”


Rubicon currently has no debt.


The terms and conditions of the credit facility will be described in the company’s filings with the Securities and Exchange Commission.


New Kopin employee secures 400k shares of restricted stock


The firm’s board has agreed to award Dashen Fan up to 400,000 shares of restricted common stock


Kopin Corporation, as required by NASDAQ Listing Rule 5635(c)(4), has granted restricted stock to Dashen Fan, a new employee, as a material inducement for Kopin to employ him.


The company stresses that Dashen Fan is not related to John C.C. Fan, Kopin’s President and Chief Executive Officer.


Kopin’s Board of Directors, including all of its independent directors, has agreed to award Dashen Fan up to 400,000 shares of restricted common stock as an inducement grant outside of Kopin’s 2010 Equity Incentive Plan.


A total of 100,000 shares vest upfront and the remaining 300,000 shares vest based on the achievement of certain performance milestones. In the event that Fan is terminated or no longer an employee of Kopin, he is ineligible to continue to vest under this restricted stock award.


Could silicon substrates eclipse sapphire?


Maybe in the LED market. But opportunities for power amplifiers and tuneable capacitors and competing technologies may bring new volume applications to sapphire wafer manufacturers


Significant overcapacity and low LED substrate prices will affect the profitability and viability of many sapphire players in 2013 and beyond, but emerging applications could transform the industry.


According to the latest report by ReportsnReports. com, “Sapphire Substrates 2013”, the sapphire material shortage experienced from 2010 to early 2011 created a window of opportunity for new entrants.


In the last two years, more than 80 companies announced their intention to enter the industry, bringing the potential number of players to over 130 with more than 50 of these potential new entrants located in China.


Coupled with slow demand from LED makers in 2012, this has created a very challenging environment with cores and wafers often selling at prices at or below manufacturing cost.


Revenues increased 15 percent in 2011 but are expected to drop 9 percent in 2012 due to lower Average Selling Prices. This will be despite volume increase and a favourableproduct mix with the percentage of PSS wafers increasing dramatically.


These difficult market conditions will trigger an industry rationalisation through consolidation and attrition that should take place in 2013 and 2014; activities that the Yole Finance business unit is monitoring closely.


In the long-term, as the environment remains extremely competitive, it is expected that the


January/February 2013 www.compoundsemiconductor.net 207


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