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AXT, Inc. Founder Adopts 10b5-1 Plan
| Source: AXT, Inc.
FREMONT, CA--(Marketwire - November 28, 2007) - AXT, Inc. (NASDAQ : AXTI ), a leading
manufacturer of compound semiconductor substrates, today announced that Dr.
Morris Young, our founder and a member of our board of directors, has
established a pre-arranged trading plan to sell shares of the company's
common stock over a designated period in accordance with rule 10b5-1 of the
Securities and Exchange Commission.
Under the trading plan, during a seventeen-month period commencing on
December 1, 2007, Dr. Young plans to sell up to 700,000 shares of AXT
common stock in open market transactions. Transactions under this plan
will be disclosed publicly through Form 144 and Form 4 filings with the
Securities and Exchange Commission. The transactions are part of Dr.
Young's ongoing program of tax planning and asset diversification.
Rule 10b5-1 permits insiders to implement a written plan to sell stock when
they are not in possession of material non-public information and continue
to sell shares on a regular basis even if they receive such information
subsequently. Such plans establish predetermined trading parameters that
do not permit the person adopting the plan to exercise any subsequent
influence over how, when, or whether to effect trades. Using these plans,
insiders can gradually diversify their investment portfolios, spread stock
trades out over an extended period of time to reduce market impact, and
avoid concerns about transactions occurring at a time when they might
possess inside information.
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. Its vertical gradient freeze (VGF) technique for
manufacturing semiconductor substrates provides significant benefits over
other methods and enabled AXT to become a leading manufacturer of such
substrates, particularly in optoelectronics applications. AXT has
manufacturing facilities in China and invests in five joint ventures
producing raw materials. For more information, see AXT's website at
http://www.axt.com.