For more information, contact:

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

Cathy Kawakami Advanced Energy Industries, Inc. 970.407.6732 cathy.kawakami@aei.com

Advanced Energy Names Michael El-Hillow Chief Financial Officer to Replace Retiring Richard Beck

Fort Collins, Colorado (October 25, 2001)—Advanced Energy (Nasdaq: AEIS) today announced it has named Michael El-Hillow, age 50, senior vice president of finance and administration and chief financial officer to replace Richard Beck, age 68, who is retiring. Mr. El-Hillow will report to chairman and chief executive officer, Doug Schatz.

 

Mr. Beck will remain on the company’s board of directors and will retain the title of senior vice president as a part-time consultant to the company over the next several months. Mr. Beck will continue to act as a liaison to the company's external financial community during this transition period.

“We are very pleased to have Mike join Advanced Energy to lead our strategic financial initiatives, building upon the solid foundation that Dick created during his nine years at the company,” said Doug Schatz, chairman and chief executive officer. “Mike is a veteran in finance and strategic planning and his tenure in our industry will help to ensure a smooth and effective transition. His experience and reputation represent important additions to our strong and expanded management team.”

“We thank Dick for his tireless and immeasurable efforts in helping to move Advanced Energy from a small, privately-held company through several important milestones over the years, especially our 1995 initial public offering and our key acquisitions, positioning us for continued leadership in our industry. We are pleased that he will continue to play an important role in Advanced Energy’s future through his ongoing membership on our board.”

From April 1997 to July 2001, Mr. El-Hillow was senior vice president and chief financial officer at Helix Technology Corporation, a major supplier of high vacuum products, principally to the semiconductor capital equipment industry. Most recently, he was senior vice president and chief financial officer of Spike Broadband Systems, Inc. Prior to Helix, he was vice president, finance, treasurer and chief financial officer at A.T. Cross Company and an audit partner at Ernst & Young. Mr. El-Hillow received a bachelor’s degree in accounting from the University of Massachusetts and an MBA from Babson College in Babson Park, Mass, and is a certified public accountant.

About Advanced Energy
Advanced Energy is a global leader in the development, marketing, and support of technology solutions that are central in the manufacture of semiconductors, data storage products, and flat panel displays. Original equipment manufacturers (OEMs) and end-users around the world depend on AE products when plasma-based technology plays a vital role in their manufacturing process. AE offers a comprehensive suite of products for vacuum process systems, including power management, temperature sensing, dynamic temperature control, gas delivery management, process monitoring and machine control tools, ion-beam sources, and plasma abatement technologies. AE technology solutions are sold and supported globally by direct offices, representatives, and distributors. Founded in 1981, AE is a publicly held company traded on Nasdaq under the symbol AEIS. AE's URL is www.advanced-energy.com.

**Note to editors: Richard Beck retires from Advanced Energy after an impressive career in finance that spans over four decades. He served as chief financial officer at Advanced Energy since 1992 where he led the company’s initial public offering in 1995, as well as two subsequent offerings of common stock and two convertible debt offerings. Mr. Beck was recently named chairman of Applied Films, Inc., and serves as a board member of TTM Technologies, Inc., and Photon Dynamics, Inc. Before joining Advanced Energy, he served as executive vice president and chief financial officer of Cimage Corp.