Corning Makes Equity Investment in Menlo Micro
December 06 2016 - 7:30AM
Corning's components are key enablers to Menlo Micro's
unique digital micro-switch
CORNING, N.Y., DECEMBER 6, 2016 - Corning
Incorporated (NYSE: GLW) today announced its equity investment in
Menlo Micro, a newly formed company founded to scale and deliver a
unique digital micro-switch technology platform that enables
unprecedented power handling and electrical performance.
Menlo Micro's unique digital micro-switch
technology opens new possibilities in a variety of applications
including medical, military, mobile communications, and consumer
electronics.
Corning's precision wafers, panels, and through
glass vias (TGVs) will play an important role in delivering the
small-form factor, high-frequency, high-power operation, and
reliability of Menlo Micro's digital micro-switch technology
platform.
Compared to traditional materials, such as
organics or silicon, Corning's innovative solutions offer better
thermal characteristics and electrical performance at the
reliability levels required by some of the industries' most
demanding applications and customers. In addition, Corning's TGV
platforms enable Menlo Micro to scale production to meet the
opportunities new applications can provide.
"We've been developing and delivering glass
innovations aimed at the challenges presented by the semiconductor
industry for years and have found that the electrical, mechanical
and thermal properties of our glass solutions are enabling
next-generation technologies," said David Velasquez, business
director, Corning Precision Glass Solutions. "We are excited about
the combination of Menlo Micro's expertise in MEMS-based solutions
and Corning's ability to deliver highly scalable, small-form factor
materials, which can enable this significant innovation for Menlo
Micro's customers in this fast growing industry."
As a result of the investment, Corning has a
minority ownership position in Menlo Micro and observer rights to
Menlo Micro's board of directors. The newly formed company, led by
Russ Garcia, chief executive officer, is headquartered in Irvine,
California. Menlo Micro is also backed by G.E. Ventures and
investments from semiconductor manufacturer, Microsemi, and
Palladian Capital Group.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media
Relations Contacts:
Taryn
Manuele
(607)
974-4703
manueletl@corning.com
Joseph Dunning
(607) 974-5006
dunningjm@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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