Update on Israel situation; Weebit's operations unaffected

October 10, 2023 -- Weebit Nano Ltd (ASX:WBT, Weebit or Company), a leading developer of advanced memory technologies for the global semiconductor industry, advises its Israel operations are not currently impacted by the brutal attack on the country. Its lab is operating normally in a protected location and none of Weebit’s employees or immediate families have been affected by the unfolding situation.

Contingency plans are in place, enabling employees to work from home if required and ensuring operational continuity. Weebit is in regular communication with its R&D and commercial partners in France and the USA, and continues to progress discussions with many of the world’s leading foundries, IDMs and potential customers.

Coby Hanoch, CEO of Weebit Nano, said: “Israel has a proud tradition of ‘not a single day lost’ and as a nation we make it a point to not allow these tough periods to impact our work, or delay milestones. Dadi and I are experienced in managing teams through challenging scenarios, and we remain committed to delivering against our technical and commercial roadmaps. We are making good progress with potential partners and customers, and I look forward to updating shareholders in the very near future.”

Dadi Perlmutter, Chairman of the Board, said: “Extraordinary times requires extraordinary measures. Unfortunately, I have managed small and large operations in Israel in similar situations over the past 30 years with the goal of not losing a single day and not losing a single customer. We have the methods, and a dedicated team, that continue to perform despite the situation, communicating with all partners and customers to make sure we are all aligned.”

About Weebit Nano Limited

Weebit Nano Ltd. is a leading developer of advanced semiconductor memory technology. The company’s ground-breaking Resistive RAM (ReRAM) addresses the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence. Weebit ReRAM allows semiconductor memory elements to be significantly faster, less expensive, more reliable and more energy efficient than those using existing Flash memory solutions. As it is based on fab-friendly materials, the technology can be quickly and easily integrated with existing flows and processes, without the need for special equipment or large investments. See www.weebit-nano.com.