EMCORE (EMKR) to Sell 2M Shares/200K Warrants to The Quercus Trust

June 30, 2008 4:24 PM EDT

EMCORE Corporation (Nasdaq: EMKR) today announced that it had agreed to sell 2 million shares of Series D Preferred Stock of WorldWater & Solar Technologies Corporation (OTC: WWAT), together with 200,000 Warrants, to The Quercus Trust, a major shareholder of both EMCORE and WorldWater, at a price equal to $6.54 per share of the Series D Preferred Stock.

The Series D Preferred Stock is convertible into WorldWater Common Stock at a ratio of 10 to 1, and each of the Warrants entitles the holder to purchase a share of Series D Preferred Stock for a price of $3.17 per share. The sale will take place through two closings, one for 1 million shares and 100,000 warrants, which closed on Friday, June 27, 2008, and one for an equal number of shares and warrants which should close before July 31, 2008. Total proceeds from the sale approximates $13.1 million.

EMCORE Corporation provides compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite, and terrestrial solar power markets.

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