\nRegarding this transition, Mr. Obermiller said<\/b>, \u201cFor the past eight years, I have been honored to serve as SkyWater\u2019s chair; it has been an incredible journey to help build and grow the company. I\u2019m immensely proud of what we\u2019ve accomplished together and grateful to the talented teams who made it all possible. As I retire from this position, I do so with full confidence in the company\u2019s continued success, the strength of its board and new chair, and the leadership moving forward.\u201d\n<\/p>\n
Timothy E. Baxter<\/b><\/p>\n
\nMr. Baxter is well-qualified to serve as chair of SkyWater\u2019s board due to his multiple board positions, including serving as director of Breville Holdings Ltd.; lead outside director of First Orion Corp.; chair of Alliance Mobile; and chair of VueReal Inc. He has also served on the Board of Trustees for Roger Williams University (four years as chair). Mr. Baxter brings significant experience in marketing, brand-building and growing businesses focused on emerging technologies, as well as extensive business relationships. He is an experienced corporate leader, having spent thirteen years in senior executive roles at Samsung Electronics Co., LTD. He rose to become president and CEO, North America \u2013 responsible for 6,000 employees and $30 billion in revenue. Before retiring, he developed the company\u2019s long-term strategic plan for capitalizing on emerging technologies, including 5G, artificial intelligence, cloud-based computing and Internet of Things (IOT).\n<\/p>\n
\nPrior to Samsung, Mr. Baxter served in senior leadership roles at Sony Corporation, AT&T Inc., and Lucent Technologies Inc. He has also served as an industry-wide leader, including as a member of the executive board of CTIA, a leading wireless communication industry trade association, and as a director of the Consumer Electronics Association (CEA), the leading consumer technology association.\n<\/p>\n
According to Mr. Baxter:<\/b> \u201cI\u2019m thrilled to join SkyWater\u2019s board at such a pivotal time. The company\u2019s innovation, market momentum and deep commitment to expanding domestic semiconductor manufacturing are truly inspiring. With my background in business and technology leadership, I look forward to collaborating with this exceptional team to drive sustainable growth, scale operations and help shape the company\u2019s future in a meaningful way.\u201d\n<\/p>\n
Tammy J. Miller<\/b><\/p>\n
\nMs. Miller\u2019s background in accounting, extensive senior leadership and private and public sector policy experience will bring value to SkyWater\u2019s board. She has served as Lieutenant Governor of the State of North Dakota and previously, she served as the COO of the Governor\u2019s Office of the State of North Dakota. Prior to that, she served for fourteen years as the CEO and chair of the board of directors of Border States Electric, the sixth largest distributor of electrical equipment and supply chain solutions in North America. During her time as CEO, she led the company\u2019s growth from $485 million to nearly $2.5 billion in annual sales and set the company up for continued growth and success. She joined Border States Electric in 1991 and served in various roles of increasing responsibility, including corporate controller, vice president of finance, executive vice president, general manager for the southwest region and president. Ms. Miller is a certified public accountant.\n<\/p>\n
Ms. Miller commented:<\/b> \u201cI\u2019m excited to join SkyWater\u2019s board and contribute to its continued success. With a background spanning finance, executive leadership, and public policy, I\u2019m passionate about aligning strategy, governance and growth in ways that create long-term value. I look forward to working with the team to help navigate the evolving landscape and seize new opportunities.\u201d\n<\/p>\n
Andrew D.C. LaFrence<\/b><\/p>\n
\nMr. LaFrence\u2019s background in accounting and finance, combined with his extensive experience in business strategy leadership, risk management, cybersecurity oversight and U.S. government contract manufacturing, will strengthen the board\u2019s breadth of expertise. He currently serves as chief financial officer and senior vice president of finance at Nortech Systems Incorporated. He is currently a board member of American National Bank, where he has served for several years. Previously, he served as CFO for two publicly-traded life science companies: Vyant Bio Inc. and Surmodics Inc. Prior to this, Mr. LaFrence served in C-level financial positions at life science companies StemoniX Inc. and Biothera Pharmaceuticals. He spent the first 26 years of his professional career at KPMG LLP where he led the Minneapolis office Life Sciences Practice for over 10 years. Mr. LaFrence is a certified public accountant.\n<\/p>\n
Mr. LaFrence remarked:<\/b> \u201cI\u2019m excited to join SkyWater at such a dynamic time in its growth. With deep experience in leadership roles at life science companies, and more recently a U.S. government contract manufacturer, as well as my background in accounting, finance and business strategy\u2014I look forward to contributing to the company\u2019s continued success and supporting its commitment to operational excellence and long-term value creation.\u201d\n<\/p>\n
\n“This is an exciting time for SkyWater, and adding these new board members is another significant step in our approach for continued growth,\u201d stated SkyWater CEO Thomas Sonderman.<\/b> \u201cThe additions of Tim, Tammy and Andy complement our current directors\u2019 skillsets and experiences, strengthening our ability to accelerate our expansion strategy. The deep expertise and invaluable insights of these esteemed leaders will play a vital role in guiding the company\u2019s strategic vision and future expansion.\u201d\n<\/p>\n
About SkyWater<\/b><\/p>\n
\nSkyWater (NASDAQ: SKYT) is a U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater\u2019s Technology as a Service model streamlines the path to production for customers with development services, high-volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com<\/a>.\n<\/p>\n SkyWater Technology Forward-Looking Statements<\/b><\/p>\n \nThis press release contains \u201cforward-looking\u201d statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on SkyWater\u2019s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause SkyWater\u2019s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause SkyWater\u2019s actual results to be different than expected or anticipated include, but are not limited to, our goals and strategies; our future business development, financial condition and results of operations; our ability to complete our proposed acquisition of Fab 25 on the anticipated timeframe or at all and to realize the expected benefits of our proposed acquisition of Fab 25; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers\u2019 end markets; our ability to attract, train and retain key qualified personnel; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; the level and timing of U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; and other factors discussed in the \u201cRisk Factors\u201d section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that SkyWater files with the SEC, which are available at http:\/\/www.sec.gov<\/a>. SkyWater assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.\n<\/p>\n \nSKYT-CORP\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250401488015\/en\/<\/a><\/span><\/p>\n SkyWater Company Contact: <\/b>Tara Luther | 952.851.5023 | tara.luther@skywatertechnology.com KEYWORDS:<\/b> United States North America Minnesota<\/p>\n INDUSTRY KEYWORDS:<\/b> Automotive Other Manufacturing Consumer Electronics Technology Other Defense Packaging Automotive Manufacturing Aerospace Manufacturing Public Policy\/Government Mobile\/Wireless General Automotive Defense Semiconductor Machinery Satellite Government Technology Nanotechnology White House\/Federal Government Internet Electronic Design Automation<\/p>\n<\/p>\n
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SkyWater Media Contact: <\/b>Lauri Julian| 949.280.5602 | lauri.julian@skywatertechnology.com<\/a><\/p>\n
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