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Christine Russell Appointed to AXT, Inc. Board of Directors

FREMONT, Calif., Jan. 07, 2020 (GLOBE NEWSWIRE) -- AXT, Inc. (AXTI), a leading material science company manufacturing single crystal compound semiconductor substrates, announced today that Christine Russell has been appointed to the AXT Board of Directors, effective December 23, 2019. The AXT board expanded to five directors from the previous number of four. Russell will serve on the audit, compensation and nominating/corporate governance committees.

Russell also serves on the board of directors and as audit committee chair of both QuickLogic Corporation (QUIK) and eGain Corporation (EGAN). She is chairman emeritus and a director on the board of SVDX (Silicon Valley Directors Exchange), a professional organization that provides a forum for education, conversation about current issues, and peer interaction for boards of directors of Silicon Valley companies. Since 2018, Russell has served as CFO of PDF Solutions, Inc. (PDFS), a provider of yield improvement technologies for the IC manufacturing process life cycle. She previously served as CFO of Uni-Pixel, Inc., a manufacturer of touch sensor films, which was sold to a China-based firm; Vendavo, Inc., a SaaS-based pricing optimization software company addressing the Global 2000; and EAG, Inc. (Evans Analytical Group), a global provider of analytical testing for technology companies, including major semiconductor, chemicals and pharmaceuticals firms. Prior to EAG, she served in the roles of both CFO and EVP of business development at Virage Logic Corporation, a Nasdaq-listed semiconductor intellectual property company that was sold to Synopsys, Inc. in 2010.

Russell holds a bachelor’s degree and an MBA from Santa Clara University.

“We are delighted to welcome Christine onto the AXT Board of Directors,” said Morris Young, chief executive officer. “She brings a tremendous depth of experience as a public company director and finance executive, and is well regarded in the investment community. She joins at a time when AXT is positioned to take advantage of a number of market opportunities, and we look forward to drawing on her expertise as AXT continues to prepare for its next phase of growth and expansion.”

“AXT has a compelling future and unique business opportunities,” said Russell. “I look forward to working with Jesse Chen, Morris, and the rest of the board as the company continues to achieve milestones in the relocation of its manufacturing facilities and prepares itself for market opportunities in 5G, data center connectivity, optical components, LED lighting and lasers, and satellite solar cells, as well as a host of emerging applications that can help drive its future growth.”

About AXT, Inc.

AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising indium phosphide (InP), gallium arsenide (GaAs) and germanium (Ge) through its manufacturing facilities in Beijing, China. AXT’s worldwide headquarters are in Fremont, California where the company maintains its sales, administration and customer service functions. The company’s substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell applications. Its vertical gradient freeze (VGF) process technology for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and, as part of its supply chain strategy, has partial ownership in ten companies in China producing raw materials. For more information, see AXT’s website at http://www.axt.com.

Safe Harbor Statement

The foregoing paragraphs contain forward-looking statements within the meaning of the Federal securities laws, including, for example, statements regarding market opportunities and AXT being positioned to take advantage of these opportunities, AXT’s next phase of growth and expansion, AXT’s achievement of milestones in the relocation of its manufacturing facilities and the applications that can help drive AXT’s future growth. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company’s operations and business environment, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: the timing and receipt of significant orders; the cancellation of orders and return of product; emerging applications using chips or devices fabricated on our substrates; end-user acceptance of products containing chips or devices fabricated on our substrates; our ability to bring new products to market; product announcements by our competitors; the ability to control costs and improve efficiency; the ability to utilize our manufacturing capacity; product yields and their impact on gross margins; the relocation of manufacturing lines; possible factory shutdowns as a result of air pollution in China; tariffs and other trade war issues; the financial performance of our partially owned supply chain companies; policies and regulations in China and other factors as set forth in the company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company’s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

Contacts:

Gary Fischer
Chief Financial Officer
(510) 438-4700

Leslie Green
Green Communications Consulting, LLC
(650) 312-9060