Director Appointment
09 January 2007

 

The Board of IQE (‘the Group’, AIM: IQE), the leading global outsource supplier of customised wafer products and outsource wafer services to the semiconductor industry, is pleased to announce the appointment of Phil Rasmussen as Group Finance Director with effect from March 2007. Phil, age 36, is currently a Director of Transaction Services with PwC in Bristol and will take up the position vacated by Stuart Hall. Stuart has decided to return to the North of England with his family, where he was based prior to joining IQE, and take up a further senior finance role.

Phil qualified as a Chartered Accountant in the audit practice of Coopers and Lybrand, a predecessor firm of PricewaterhouseCoopers LLP ("PwC"). During his career with PwC he spent two years in Toronto, Canada and has gained significant experience of working with and advising a broad range of companies in a variety of sectors, including multinational main market and AIM listed companies. Phil holds a first class honours degree in Mathematics gained from Cardiff University.

Further details as required under Schedule 2(g) of the AIM Rules are contained in Appendix One to this announcement.

Dr. Godfrey Ainsworth, Chairman of IQE said:

“We have worked with Phil on a number of transactions and he joins IQE with an excellent understanding of our outsource business model and its potential. Although we are sorry to lose Stuart, who returns with his family to take up an appointment in the North of England, Phil will start with an already very strong level of operational knowledge of IQE and will make an immediate and substantial contribution to the management of the Group.”

Dr. Drew Nelson, Chief Executive Officer of IQE said:

"We are delighted to welcome Phil to our team. He joins us at an exciting time following the recent acquisitions of EMD and MBET, and having been intimately involved in both, he knows IQE’s business first hand. We have been very impressed by the quality of his work.

“On behalf of the Board and staff of IQE, I would also like to extend my thanks to Stuart who has played a key role in helping shape the business to ensure that the Group is firmly in line for sustainable profitability during the coming months and years.”

IQE will report its preliminary results for the year ended 31 December 2006 at the end of March 2007.


 

Contacts:

Note to Editors
 

IQE is a global leader in the manufacture of complex wafer products and outsourced foundry services to the semiconductor industry. IQE uses advanced crystal growth technology (epitaxy) to manufacture and supply bespoke semiconductor wafers ("epi-wafers") to the major chip manufacturing companies, who then use these wafers to make the chips which form the key components of virtually all high technology systems. IQE is unique in being able to supply wafers using all of the leading crystal growth technology platforms.

IQE's products are found in many leading edge consumer, communication, computing and industrial applications, including a complete range of wafer products for the wireless industry, including mobile handsets and wireless infrastructure, WiFi, WiMAX, base stations, GPS, and satellite communications; optical communications, optical storage (CD, DVD), laser optical mouse, laser printers & photocopiers, thermal imagers, leading edge medical products, barcode, high efficiency LEDs and a variety of advanced silicon based systems.

IQE is also a leading global outsource supplier of advanced semiconductor wafers, with products that cover the whole spectrum of wafer structures, supported by an innovative outsourced services portfolio that allows the Group to provide a "one stop shop" for the wafer needs of the world's leading semiconductor manufacturers.

These manufacturers are increasingly seeking to outsource wafer production to specialist foundries such as IQE, in order to reduce overall wafer costs and accelerate time to market.

IQE provides bespoke R&D services to deliver customised materials for specific applications and offers specialist technical staff to manufacture to specification either at its own facilities or on the customer's own sites. The Group is also able to leverage its global purchasing volumes to reduce the cost of raw materials. In this way IQE's outsourced services provide compelling benefits in terms of flexibility and predictability of cost, thereby significantly reducing operating risk.

IQE employs around 320 people and operate six manufacturing facilities located in Cardiff (two) and Milton Keynes in the UK, and in Bethlehem, Pennsylvania and Somerset, New Jersey in the USA, and Singapore. The Group also has nine sales offices located in major economic centres worldwide.

 

Appendix One

In accordance with Schedule 2(g) of the AIM Rules, the following information in relation to the appointment of Mr Phil Rasmussen to the Board of IQE, is disclosed below:

Mr Rasmussen has no current directorships and partnerships. Mr Rasmussen has no past directorships and partnerships in preceding five years. There are no further disclosures to be made in accordance with Schedule 2(g) of the AIM Rules.