DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE) introduces the OSQ™ Area LED luminaire, the first LED area luminaire specifically designed and priced to replace the nearly 54 million* outdated high intensity discharge (HID) area parking lights installed in the United States. Delivering an unprecedented combination of industry-leading performance and low-profile design at nearly half the price of comparable LED luminaires, the Cree® OSQ Area LED luminaire provides up to 70 percent energy savings with a quick payback of two years.** 

“The OSQ™ Area LED luminaire is an example of Cree’s commitment to continuous innovation and 100 percent LED adoption by delivering another luminaire that sets a new industry benchmark for performance, price and versatility, without sacrificing aesthetics,” said Norbert Hiller, Cree executive vice president, lighting. “Providing an unmatched level of performance that cuts Cree’s already affordable LED area luminaire pricing by as much as 50 percent confirms that we are continuing to find ways to improve the value of LED lighting for our customers.”

With Cree’s superior innovations in thermal design, the OSQ Area LED luminaire features a remarkably thin, 3.8-inch housing, providing an attractive design during the day while delivering the industry’s best optical performance with efficiency of up to 100 lumens-per-watt in the evening. Available in 3000K, 4000K and 5700K color temperatures with a 100,000-hour rated lifetime, the OSQ Area LED luminaire will soon be eligible for utility rebates to drive even greater affordability. Backed by Cree’s industry-leading 10-year warranty, the versatile OSQ Area LED luminaire is ideal for area and floodlight applications such as campuses, office and retail complexes, medical centers and municipalities.

The Cree OSQ Area LED luminaire is available through distribution throughout the United States and Canada. Please visit www.cree.com/lighting/OSQSeries for more information.

*U.S. Department of Energy, 2013

**Payback compared to 400W Metal Halide area luminaire and based on usage of 12 hours per-day and the national average of $0.11 per kWh electric costs.

About Cree

Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting and semiconductor products for power and radio-frequency (RF) applications.

Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree® products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.

Please refer to www.cree.com/lighting for additional product and company information.

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that we may be unable to manufacture these new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; the risk that actual savings and lifetimes will vary from expectations; customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2013, and subsequent filings.