For more information, contact:

Richard Beck Advanced Energy Industries, Inc. 970.407.6204 dick.beck@aei.com

Janet Nelson The Financial Relations Board 415.986.1591

Advanced Energy Industries, Inc. Completes Acquisition of Noah Holdings, Inc. for $42 Million

FORT COLLINS, CO (April 6, 2000) - Advanced Energy Industries, Inc. (Nasdaq NM: AEIS) today announced that is has acquired privately-held Noah Holdings, Inc. Based in San Jose, California, Noah Holdings designs, manufactures, and markets solid state temperature control systems used to control process temperatures during semiconductor manufacturing. Expected to be immediately accretive to earnings, the $42 million acquisition will be consummated through an exchange of stock and accounted for as a pooling of interests.

 

"This combination with Noah Holdings is a strategic opportunity for us to increase our product offerings and provide more value to our customers," said Doug Schatz, Chief Executive Officer of Advanced Energy. "A key component of Noah Holdings' temperature control systems is related to our core business of power conversion and control systems. Through the application of Advanced Energy's technology to Noah Holdings' systems, we can reduce the cost of this critical part," explained Mr. Schatz. "Furthermore, we expect the additional products, people and intellectual property from this combination to provide added value that will only increase with time," he added.

Since its founding in 1995, Noah Holdings has placed over 5000 thermoelectric based temperature control systems in the field to customers such as Texas Instruments, Advanced Micro Devices, Fairchild, and LSI Logic. The company's systems are distinctive in that they utilize thermoelectric heating and cooling to provide dynamic temperature control in a compact, highly reliable package. They are used in plasma etch, wet etch, and photoresist processes that are part of manufacturing process used by several of the largest semiconductor manufacturers. Such precise temperature control and fast temperature response-strengths of the company's Point-Of-Use system-are vital to successful device processing, especially for the critical plasma etch applications of sub 0.25 micron processes.

Robert Higgins, Chief Executive Officer and founder of Noah Holdings stated that, "We are very excited to be a part of Advanced Energy. Not only does this combination provide the infrastructure and critical mass that our large customers require of their suppliers, but both companies share corporate values of product innovation and strong customer relationships that should provide for a successful integration."

About the Company
Founded in 1981, Advanced Energy Industries, Inc. is a leading manufacturer of power delivery systems that are critical in the manufacturing of semiconductors, data storage media, flat panel displays, and other products using thin-film technology. Within its comprehensive product portfolio of direct current (DC), low/mid-frequency and radio frequency (RF) power solutions, the Company sells products critical in applications ranging from compact disks, digital video disks, flat panel displays, the most popular logic semiconductor devices, among other applications. The Company's stock is traded on the Nasdaq National Market System under the symbol AEIS.

Safe Harbor Statement
Except for any historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the achievement of goals established by the Company to improve revenue, continued sales growth in non-semiconductor areas, and other risks detailed from time to time in the Company's Securities and Exchange Commission reports, including the Company's Form 10-K and Forms 10-Q. The Company continues to be susceptible to fluctuations in quarterly and annual revenues and operating results and the volatility of the semiconductor and semiconductor capital industries. The Company assumes no obligation to update the information in this release.

For more information, access Advanced Energy's web site at www.advanced-energy.com or for more information via fax (at no cost), dial 1-800-PRO-INFO, code AEIS