Mr. Reid: Ibis Technology is the world's leading supplier of SIMOX-SOI wafers and equipment for the global semiconductor industry. Basically, we enable continued semiconductor innovation through advanced silicon-on-insulator (SOI) wafers and wafer production equipment. Ibis Technology was founded in 1987; we shipped our first silicon-on-insulator wafers in 1988, went public in 1994, and had revenues last year of approximately 15 million. We have about 100 employees today, and our customers are a blue ribbon list of the major semiconductor manufacturers in the world. We have a tremendous team of people who are energized by the new excitement around SOI technology that we're seeing every day. We have established a new direction with the design and construction of our third generation of implantation machine. Thanks to a team of about 25 engineers from all different backgrounds, we have been able to develop our Ibis 2000 oxygen implanter machine, which will be completed by the end of 2001. This new machine will be able to produce not only 200-, but 300- millimeter wafers. We believe that this will be a real step function for Ibis Technology in that this will give us a very low-cost approach to not only 200-millimeter, but 300-millimeter size wafers. With this, Ibis will be able to step up into a higher throughput and have more capacity than we've ever had before. Over the past couple of years, Ibis has focused on developing this tool and improving the balance of process steps necessary after this tool is used. With that, we have a very good outlook because we see a lot of the major semiconductor companies trying to gain a foundation of leadership during this industry downturn, and really coming out with a super technology that lends itself to improved semiconductor performance. And that means increased potential business for us. Our team has experience mainly from the implantation arena, from many different leading implantation companies. We have quite a number of PhDs, who have been able to take the experience they've had over their years and put it into our new Ibis 2000 machine. We have also done this in the wafer arena as well and have been working with our customers to improve the quality of the SIMOX wafer and to lower the cost. My own experience basically comes from the semiconductor industry with over 30 years of experience in all different types of semiconductors from silicon to gallium arsenide, and I have been able to insert new technologies over the past.
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