Cree Introduces New Generation of High-Brightness Oval LEDs

DURHAM, N.C., Oct. 23, 2008 (GLOBE NEWSWIRE) -- Cree, Inc. (Nasdaq:CREE), a
market leader in LED lighting, announces the release of its new-generation
high-brightness 4-mm and 5-mm oval LEDS in blue, green and red. These new oval
LEDs feature optically-matched radiation patterns in blue, green and red,
resulting in superior image quality for digital billboard and full-color sign
applications.

In Cree's unique matched-radiation pattern, the red pattern is inside the blue
and green -- resulting in a blended cool-white light, compared to the pink that
results when unmatched LEDs are used.

Available in a wide range of intensities and colors, Cree's oval LEDs feature a
wide viewing angle and enhanced contrast, making them ideally suited to the
signage market. Use of LEDs in signs and displays helps lower power requirements
and maintenance expense compared to other technologies.

"Customers can now purchase the brightest blue, green and red ovals from a
single supplier -- Cree," said Norbert Hiller, Cree VP and GM, LED Components.
"These products offer superior intensity for the rapidly growing video-board and
signage markets. This will give customers additional flexibility to design-in
the precise part they need-spanning a range of sizes and brightness levels."

The Screen Master(r) 4mm and 5mm oval LEDs, C4SMF RGS/GJS/BJS and
C5SMF-RGS/GJS/BJS, are available through Cree's global distribution network. To
find a distributor near you, visit: www.cree.com/hbdistributors.

About Cree

Cree is leading the LED lighting revolution and setting the stage to obsolete
the incandescent light bulb through the use of energy-efficient, environmentally
friendly LED lighting. Cree is a market-leading innovator of lighting-class
LEDs, LED lighting solutions, and semiconductor solutions for wireless and power
applications.

Cree's product families include recessed LED downlights, blue and green LED
chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices
and radio-frequency/wireless devices. Cree solutions are driving improvements in
applications such as general illumination, backlighting, electronic signs and
signals, variable-speed motors, and wireless communications.

For additional product and company information, please refer to www.cree.com

The Cree, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3529

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, such as the risk we may encounter delays or other
difficulties in ramping up production of our new products; the risk we may be
unable to manufacture these products with sufficiently low cost to offer them at
competitive prices or with acceptable margins; the risk that design wins may not
result in actual orders; the risk that actual cost savings may vary from
expectations; the potential lack of customer acceptance of the 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 29, 2008, and subsequent filings.

Cree and Screen Master are registered trademarks of Cree, Inc. or its
wholly-owned subsidiaries.

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CONTACT: Cree, Inc.
Media Contact:
Michelle Murray, Corporate Communications
(919) 313-5505
michelle_murray@cree.com