DURHAM, N.C. -- President Barack Obama visited leading LED manufacturer Cree, Inc. (Nasdaq: CREE) on Monday, June 13, 2011, touring Cree's Durham, N.C. manufacturing facilities and speaking with Cree employees and other guests. During his visit, President Obama met with his Jobs and Competitiveness Council to discuss initiatives and policies to spur economic growth, promote job creation and accelerate hiring across the United States. President Obama made remarks to a crowd that included Senator Kay Hagan, Representatives David Price, Brad Miller, G.K. Butterfield and other local and state leaders as well as hundreds of Cree employees. In his remarks, President Obama stated, "So today the small business that a group of N.C. State engineering students founded almost 25 years ago is a global company…Next month, your new production line will begin running 24/7. So you're helping to lead a clean energy revolution. You're helping lead the comeback of American manufacturing. This is a company where the future will be won." Cree currently employs over 5,000 employees globally, keeping pace with a growing international market for energy-efficient LED lighting. Most recently, Cree has added LED fixture manufacturing lines in Durham, N.C. President Obama joined Swoboda on a tour of these new production lines, which include the world’s most efficient troffers, the CR series. These new lights are designed to replace fluorescent troffer lighting commonly seen in office and other commercial buildings, delivering higher quality light and increased efficiency at prices comparable to their fluorescent counterparts. "President Obama's visit yesterday highlighted topics critical to the success of the LED lighting revolution, including workforce training and education," said Swoboda. "Cree remains committed to innovating, growing and successfully addressing the global appetite for energy-efficient technologies." About Cree Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, environmentally friendly LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor solutions for wireless and power applications. Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, variable-speed motors, and wireless communications. For additional product and company information, please refer to www.cree.com. To learn more about the LED Lighting Revolution, please visit www.creeledrevolution.com. This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk we may encounter delays or other difficulties in ramping up production of our new products; customer acceptance of LED products; the possibility that actual savings may vary from expectations; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2010, and subsequent filings.
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