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Cree Disputes Broadcast Statement on CNBC

PR Newswire
DURHAM, N.C., Oct 13, 2000 /PRNewswire via COMTEX/ -- Cree, Inc. (Nasdaq: CREE)
commented that CNBC falsely reported today in its Squawk Box segment that Cree
had "warned" of reduced margins in the future. Cree has issued no such
"warning."

As stated by Cree's CFO, Cynthia Merrell, in the company's earnings conference
call yesterday, when asked about gross margins going forward, she stated, "We
have not changed our range of low- to mid-50's percent for gross margins going
forward. This is the same range as before." Gross margins for the first quarter
of fiscal 2001 remained at 55 percent, unchanged from the fourth quarter of
fiscal 2000.

North Carolina-based Cree, Inc. develops and manufactures semiconductor
materials and devices based on silicon carbide (SiC), gallium nitride (GaN) and
related compounds. The company's products include blue and green LEDs, RF power
transistors for use in wireless infrastructure applications, SiC crystals used
in the production of unique gemstones and SiC wafers sold for use in research
and development. Cree has new product initiatives based on its experience in SiC
and GaN-based semiconductors, including blue laser diodes for optical storage
applications, high frequency microwave devices for radar and other
communications systems, and power devices for power conditioning and switching.
For more information on Cree, visit http://www.cree.com.

This press release contains forward-looking statements involving risks and
uncertainties that may cause actual results to differ materially from those
indicated. Actual results could differ materially due to a number of factors,
including the risk that margins could be affected by manufacturing delays and
increased costs due to variability in the complex processes used to manufacture
our products; risks associated with our new ultra bright LED chips such as
potentially lower than expected production, higher than expected costs, or less
than expected market acceptance; and other factors discussed in our filings with
the Securities and Exchange Commission, including our report on Form 10-K for
the year ended June 25, 2000.

SOURCE Cree, Inc.
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