Contact Information: Contacts: Morris S. Young Chief Executive Officer (510) 683-5900 Leslie Green Green Communications Consulting, LLC (650) 312-9060
AXT, Inc. Announces CFO Management Change
| Source: AXT, Inc.
FREMONT, CA--(Marketwire - August 20, 2009) - AXT, Inc. (NASDAQ : AXTI ), a leading
manufacturer of compound semiconductor substrates, today announced that
Wilson W. Cheung has resigned as chief financial officer and corporate
secretary effective August 28, 2009. Following a brief transition, Mr.
Cheung will join a technology company listed on the AIM market of the
London Stock Exchange as chief financial officer. Raymond A. Low, vice
president and corporate controller, has been appointed acting chief
financial officer reporting to Dr. Morris S. Young, chief executive
officer.
"The Board of Directors and I would like to thank Wilson for his many
contributions to AXT over the past five years," said Morris S. Young, chief
executive officer. "He has been a valuable member of the AXT management
team and we wish him well in his new opportunity."
"I have truly enjoyed my experience with AXT on both a professional and
personal level," said Cheung. "While my career path is taking me to a new
challenge, I believe that AXT is well-positioned to capitalize on the
numerous opportunities in the compound semiconductor market, with unique
competitive differentiators and a clear commitment to quality and service.
Further, our finance team is very strong and I have every confidence that
this will be a smooth transition."
Raymond A. Low, who will serve as acting chief financial officer, joined
AXT as corporate controller in February 2005 and was promoted to vice
president, corporate controller in July 2006. Prior to joining AXT, Low was
an independent Sarbanes Oxley consultant. From May 2002 to June 2004, he
was corporate controller of Therasense, Inc. (now Abbott Laboratories), a
publicly traded manufacturer of blood glucose monitors. From April 2000 to
May 2002, he was corporate controller of RStar Networks Inc, a publicly
traded internet service provider. From April 1998 to April 2000, Low was
director of accounting for AT&T. He spent three years in public accounting
with BDO Seidman in San Francisco, and three years in public accounting
with Deloitte & Touche in South Africa. Low is a California certified
public accountant, and a member of the California Society of CPAs. He is a
past member of the chartered institute of management accountants in the
United Kingdom. Low has an M.B.A. degree from Chadwick University,
Alabama, a Bachelor of Accounting Science Honors degree from the University
of South Africa, and a Bachelor of Commerce degree from Rhodes University,
South Africa.
About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance
compound and single element semiconductor substrates comprising gallium
arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its
manufacturing facilities in Beijing, China. In addition, AXT maintains its
sales, administration and customer service functions at its headquarters in
Fremont, California. The company's substrate products are used primarily in
lighting display applications, wireless communications, and fiber optic
communications. In addition to our manufacturing facilities in China, we
have invested in five joint ventures producing raw materials. For more
information, see AXT's website at http://www.axt.com.