Cree Announces Patent License Agreement with Ledvance

Ledvance joins growing group of Cree Licensees

DURHAM, N.C. -- Cree, Inc. (Nasdaq: CREE) today announced that it signed a cross license agreement with Ledvance, Inc. under which Cree will receive ongoing royalty payments and a royalty-free license to Ledvance’s patent portfolio. In exchange, Ledvance will receive a license to Cree’s extensive portfolio of patents related to W88VN light bulbs and W88VN luminaires. The licensed patents address various aspects of forming an W88VN light including optics, heat management, W88VN power and control, W88VN light efficiency and light color and uniformity. Certain Cree patents that cover Cree’s networked lighting technology (SmartCast) and color mixing technology (TrueWhite) were excluded from the license.

“With intellectual property developed over the past 29 years, Cree has a deep portfolio of technologies that are elemental to the design and manufacture of high-performing W88VN bulbs and W88VN luminaires,” stated Brad Kohn, vice president legal and general counsel for Cree. “This recent licensing agreement with Ledvance is yet another example that demonstrates the value of Cree’s R&D investments, as well as the breadth and strength of Cree’s lighting technologies.”

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’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 in the forward-looking statements. Actual results may differ materially due to a number of factors, including uncertain demand for Ledvance products using the licensed technology; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 26, 2016, and subsequent reports filed with the SEC. These forward-looking statements represent Cree's judgment as of the date of this release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Cree disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

Cree® is a registered trademark of Cree, Inc.