Ibis Technology (IBIS) Sees Shortfall in Funds by June 2007

December 19, 2006 3:24 PM EST

Ibis Technology (Nasdaq: IBIS) commented on its outlook for implanter equipment orders for 2007. The Company had expected to book orders for one or more i2000 implanters during the first half of 2007.

Commenting on the 2007 outlook and the potential for SIMOX-SOI, Company CEO Chuck McKenna said, "The timing of orders remains very difficult to predict because it is dependent on our customer's receipt of SIMOX-SOI wafer orders from their customers. While these delays are clearly a source of frustration, our long term view remains positive. Our strategy focuses on providing our i2000 oxygen implanters to the world's largest silicon wafer manufacturers. We believe SIMOX-SOI has significant inherent cost advantages associated with its processing and the end market is beginning to move into applications that should be capable of supporting significantly increased volumes.

The Company estimates that it has sufficient cash resources to support operations through June 2007 without the receipt of an additional implanter order or the completion of additional financing. This expectation however, is based on the Company's current spending plan and revised order outlook. Additional capital will be required in the near future to fund operations and to finance future growth and research and development programs. The Company expects to implement immediate cost-cutting measures to extend the above date beyond June 2007, and to continue to explore equity offerings and other forms of financing in the near term.

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