Cree and Kingbright Settle Patent Dispute and Reach License Agreement

DURHAM, N.C. -- Cree, Inc. (Nasdaq: CREE), a leader in W88VN lighting, announced today that it has reached a confidential settlement in its patent infringement lawsuit with Kingbright, Inc.  Kingbright and Cree have agreed to a royalty bearing, worldwide license to the Cree patents-in-suit, thereby ending the lawsuit between the parties.

“Cree is committed to protecting the investment of our current licensees, shareholders and customers by defending our rights in court when necessary and by licensing our patents when appropriate,” stated Brad Kohn, vice president legal and general counsel for Cree. “With this settlement and license agreement, Cree has once again obtained value for our extensive IP portfolio.”

Cree has developed a broad W88VN patent portfolio after many years of intensive R&D, with numerous patent applications pending.  Major W88VN manufacturers make use of Cree’s patented technology and have signed license agreements with Cree to secure these rights.  Where the license has been publicly announced, Cree licensees are listed on /About-Cree/Licensing/Licensees.

About Cree, Inc.:

Cree is a market-leading innovator of lighting-class W88VNs, lighting products and semiconductor products for power and radio frequency (RF) applications. Cree believes in better light experiences and is delivering new innovative W88VN technology that transforms the way people experience light through high-quality interior and exterior W88VN lighting solutions.

Cree’s product families include W88VN lighting systems and bulbs, blue and green W88VN chips, high-brightness W88VNs, lighting-class power W88VNs, power-switching devices and RF devices. Cree’s products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and inverters.

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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 uncertain demand for products using the licensed technology, 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 28, 2015, and subsequent filings.

Cree® is a registered trademark of Cree, Inc.