Intermolecular (IMI) Collaborative Development Program with Micron (MU) to End Effected April 1, 2016

Intermolecular, Inc. (NASDAQ: IMI) - a leader in engineered materials solutions - today announced that its Collaborative Development Program (“CDP”) agreement with Micron Technology, Inc. (NASDAQ: MU) will conclude on April 1, 2016. “Micron is a valued customer that Intermolecular hopes to serve well into the future, but the CDP model has proven too restrictive for both companies,” stated Bruce McWilliams, President and CEO of Intermolecular. “Under the terms of the agreement, next April is the first opportunity for the companies to end the CDP, and last week we received Micron’s notice of termination effective April 1, 2016. Until then, the companies will continue to work together under the terms of the CDP agreement, and we will seek to transition Micron’s DRAM work to our new business model.”

The CDP agreement, which currently relates solely to DRAM technology, is one of the company’s last remaining agreements under its legacy CDP business model and will account for roughly one-third of the revenue Intermolecular receives from Micron in 2015. Micron’s notice of termination does not affect Intermolecular’s revenue guidance for the fourth quarter of 2015.

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