ALBUQUERQUE, N.M., Nov 19, 2008 /PRNewswire-FirstCall via COMTEX/ --
EMCORE Corporation (EMKR:

EMCORE Corporation

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 Last: 0.99+0.14+16.47%
10:45am 11/21/2008
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EMKR 0.99,
+0.14,
+16.5%)
,
a leading provider of compound semiconductor-based components and
subsystems for the broadband, fiber optic, satellite, and terrestrial
solar power markets, today announced that it has commenced a tender
offer for 164,088 stock options outstanding under its 2000 Incentive
Stock Option Plan which are held by 91 of its current non-officer
employees. As a result of the Company's previously announced voluntary
inquiry into its historical stock option granting practices, which was
concluded in 2006, the Company determined that an incorrect grant date
was used in the granting certain options. As a result, the options were
granted at an exercise price below the fair market value of the
Company's common stock as of the correct date of grant. Consequently,
employees holding these options face a potential tax liability under
Section 409A of the Internal Revenue Code and similar sections of
certain state tax codes, unless remedial action is taken to adjust the
exercise price of these options prior to December 31, 2008.

Under the terms of the
tender, employees holding such options will be given the opportunity to
amend these options to increase the exercise price to a higher price
that is equal to the fair market value on the date which has been
determined to be the correct date of issuance for these options. In
addition, employees electing to tender their options will also receive
a cash payment for each tendered option equal to the difference between
the original exercise price and the new exercise price. If all eligible
options are tendered, the anticipated cash payment will total $44,000.
the Company expects that the tender offer will remain open until 11:59
p.m. Mountain Time on December 17, 2008, although it may be extended at
the Company's discretion. Further details regarding the tender can be
obtained from the filing on Schedule TO which the Company filed today
with the Securities and Exchange Commission.

About EMCORE:

EMCORE Corporation is a leading provider of compound
semiconductor-based components and subsystems for the broadband, fiber
optic, satellite and solar power markets. EMCORE's Fiber Optics segment
offers optical components, subsystems and systems that enable the
transmission of video, voice and data over high-capacity fiber optic
cables for high-speed data and telecommunications, cable television
(CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power
segment provides solar products for satellite and terrestrial
applications. For satellite applications, EMCORE offers high-efficiency
compound semiconductor-based gallium arsenide (GaAs) solar cells,
covered interconnect cells and fully integrated solar panels. For
terrestrial applications, EMCORE offers concentrating photovoltaic
(CPV) systems for utility scale solar applications as well as offering
its high-efficiency GaAs solar cells and CPV components for use in
solar power concentrator systems. For specific information about our
company, our products or the markets we serve, please visit our website
at http://www.emcore.com.

Safe Harbor

Statements in this press release that are not historical facts, and the
assumptions underlying such statements, constitute "forward- looking
statements" and assumptions underlying "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and involve a number
of risks and uncertainties, including the risk that unforeseen
circumstances may prevent the successful conclusion of the tender
offer. Readers should also review the risk factors set forth in
EMCORE's Annual Report on Form 10-K for the fiscal year ended September
30, 2007. These forward-looking statements are made as of the date
hereof, and EMCORE does not assume any obligation to update these
statements.

    Contact:
    John M. Markovich
    EMCORE Corporation
    Chief Financial Officer
    (505) 332-5000

SOURCE EMCORE Corporation

 http://www.emcore.com