GE Lighting, EMCORE Join on LED Design, Production
SOMERSET, NJ, June 4 -- GE Lighting and EMCORE Corp. have finalized formation of GELcore LLC, a joint venture to design and produce white light and colored HB LEDs (high-brightness light emitting diodes). GELcore will develop and market HB LEDs as possible replacements and alternatives for applications such as miniature automotive, compact fluorescent, halogen and traditional incandescent lighting. GELcore expects its first commercial products to debut in the second half of 1999.
Under the terms of the joint venture agreement signed in January 1999, GE Lighting will control a 51% interest in GELcore and EMCORE, a 49% interest. EMCORE issued to GE Lighting warrants to purchase shares of EMCORE's common stock, which warrants will expire in 2006. In a related transaction, GE Equity bought a subordinated convertible debenture, the proceeds from which will be used to finance EMCORE's investment in GELcore. GE will beneficially own approximately 6.5% of EMCORE, based on common stock outstanding as of May 1, 1999.
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