Discovery Semiconductors, Inc. Named One of New Jersey's Fastest Growing Technology Companies in Deloitte & Touche's "Fast 50" Program


Manufacturer of fiber optic components grows revenues 411% since 1996

Ewing, NJ -- August 25th, 2000 - For immediate release

Discovery Semiconductors, Inc. has been named to Deloitte & Touche's prestigious "Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in revenues from 1995-1999 (five-year period).

Discovery's CEO Abhay Joshi credits the company's development of ultra-wide bandwidth optical receivers and the Internet's insatiable thirst for greater bandwidth capacity as the drivers for the company's 411 percent revenue growth over the past five years. He said, "This is evidence that we have made the transition from a development stage company to a fiber optic component manufacturer. Our products for 10 Gigabits/second are being adopted in production designs around the world and we are one of the only suppliers of 40 Gigabits/second products." Editor's note: Telecommunications carriers are now upgrading their cross-country and under-sea fiber optic cables from 2.5 Gigabits/second (a Gigabit is 1000 million bits) to 10 Gigabit capacity per strand of optical fiber. They are beginning to test systems with 40 Gigabit/s capacity.

Mr. Joshi added "We thank the New Jersey Economic Development Agency and Summit Bank for their help and support in building our manufacturing capacity. Their investment has paid off, as we've grown from 7 to 20 employees, generated 40% percent of our business from Europe & Asia and we've doubled our 1999 bookings in just 7 months. We are now leasing additional manufacturing space, planning to bring it on-line before the end to this year, with a goal of growing to between 50 and 100 people next year."

"In an era where technology companies come and go like shooting stars, making the Deloitte & Touche 'Fast 50' is a testament to a company's leadership and its ability to not only have the right solution for that moment in time, but also the vision that allows growth over five years. Discovery Semiconductors has proven that they have the right stuff to succeed, and we at Deloitte & Touche salute its accomplishments," said Richard Kabobjian, Managing Partner at Deloitte & Touche.

Discovery Semiconductors' increase in revenues of 411 percent over the five-year period of 1995 to 1999 resulted in a 29th ranking overall in the Fast 50 for New Jersey. For consideration in the Deloitte & Touche Technology Fast 50 or 500, a company must meet these four basic criteria:

1. Be a technology company, defined as follows:

2. Operating revenues must be at least:

3. The company must have been in business a minimum of five years. A minimum of three years to apply for the Rising Star award.

4. The company must be headquartered within the geographic boundaries of the Fast 50 program. Subsidiaries or divisions are not eligible (unless they have some public ownership and are separately traded).

Winners of the 21 regional Fast 50 programs in the United States are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks the nation's top 500 fastest-growing technology companies.

About Discovery Semiconductors, Inc.

Discovery is a leading designer, manufacturer, and marketer of ultra-wide bandwidth fiber-optic photodiodes and optical receivers for optical networking, communications and aerospace markets. A privately held firm, it was founded in 1993 for the purpose of developing opto-electronic detection technology using the semiconductor InGaAs (Indium Gallium Arsenide). It is based in Ewing, NJ in the USA.

The winner of a number of Small Business Innovation Research (SBIR) contracts from NASA, the Air Force and the US Army, the company has developed unique technology for sensor arrays and ultra-wide bandwidth photodiode detectors. The company has several patents granted or in-process on its technology. It has leveraged the resulting expertise in RF microwave detection and packaging to make its market leading commercial products. Since installing an assembly clean room in 1998, it has expanded its distribution globally, serving over 140 organizations in the telecommunications, data communications, and aerospace industries.

For additional information, including complete product specifications, operational capabilities and pricing, or to discuss your application in detail, please call Discovery at: (609) 434-1311 or fax: (609) 434-1317.

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