Discovery Semiconductors is Named One of New Jersey's Fastest Growing Technology Companies in Deloitte & Touche "Fast 50" Program

Award attributed to its 591% percent revenue growth over 5 years

Ewing, NJ - August 15, 2002

Discovery Semiconductors, Inc. (DSC) has been named for the third consecutive year to Deloitte & Touche's prestigious "Technology Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997-2001 (five-year period).

Abhay Joshi, CEO and President, credits the company's focus on developing leading-edge technology for both aerospace and commercial opto-electronic markets with the company's 591 percent revenue growth from 1997-2001 despite the weak telecommunications market. He said, "Our aerospace contracts provide a secure base to weather the fluctuating commercial markets and fund our technology developments. As a result, we continue to lead the world in developing wide-bandwidth and specialty fiber-optic components. We are now introducing modules with over 70 GHz of bandwidth, balanced optical receivers for satellite communications and long-wavelength LIDAR and narrowband optical receivers for gigabit wireless transmission."

Discovery's increase in revenues of 591 percent from 1997 to 2001 resulted in a 33rd ranking overall in the Fast 50 for New Jersey.

To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1997 and $1,000,000 in 2001, must be public or private companies headquartered New Jersey and be "technology companies", defined as companies that own proprietary technology which contributes to a significant portion of the company's operating revenues or devotes a high percentage of effort to research and development of technology.

Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies.

About Discovery Semiconductors, Inc.

Discovery Semiconductors, Inc. is a premier supplier of active fiber optic components for aerospace and commercial communications applications.

Here is a summary of the company's progress in 2001:

Won the Tibbets award from the US Government for successfully commercializing contract research which has resulted in ultra-wide bandwidth optical receivers, lowered the cost of photonics for industry and government, increased employment and generated substantial tax revenue.

Recognized for the 3nd year in a row as one of the fastest growing companies in New Jersey, with ~591% CAGR from 1997 to 2001.

Greatly expanded production capacity, with a new 7,000 sq. ft. clean room and automated assembly stations, as well as another 7,000 sq. ft. of engineering, test and office space. When demand warrants, thousands of modules per week will be produced in the current facilities.

Achieved ISO 9001:2000 certification of manufacturing and quality processes.

Passed customer audits from the largest European and US telecommunications system companies.

Won multi-million dollar development contracts for new technologies in device fabrication, packaging and in hybrid fiber/wireless transmitter modules. These projects strengthen the company's core technologies of opto-electronic design and packaging of fiber optic components.

For additional information, including complete product specifications, operational capabilities and pricing, or to discuss your application in detail, please call Discovery at: (609) 434-1311 or fax: (609) 434-1317.

About Deloitte & Touche

Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and related entities. Deloitte & Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's web site at www.deloitte.com/us. For more information on the Technology Fast 50 and Fast 500 programs, please visit www.fast500.com.

For additional information from Discovery Semiconductors, including complete product specifications, operational capabilities and pricing, or to discuss your application in detail, please call Discovery at: (609) 434-1311 or fax: (609) 434-1317.