EXHIBIT 99.1

           [LOGO]
---------------------------
IBIS TECHNOLOGY CORPORATION



NEWS RELEASE

COMPANY CONTACT:                                     AGENCY CONTACT:

Debra L. Nelson                                      Bill Monigle
Chief Financial Officer                              IR/PR Counsel
(978) 777-4247                                       (603) 424-1184

HELLER FINANCIAL:
Karen A. Pomazal
Director of Marketing
(312) 928-8573

FOR RELEASE AT 8:00 A.M., SEPTEMBER 27, 2001


         IBIS TECHNOLOGY ANNOUNCES $4.5 MILLION LEASE FINANCING PACKAGE

  ADDITIONAL CAPITAL WILL SUPPORT BUILD OUT OF INITIAL 300-MILLIMETER SIMOX-SOI
                              WAFER PRODUCTION LINE

DANVERS, Mass, Sept. 27, 2001--Ibis Technology Corporation (Nasdaq: IBIS), the
leading provider of SIMOX-SOI implantation equipment and wafers to the worldwide
semiconductor industry, today announced that it has secured a $4.5 million
equipment lease line with Heller Financial's (NYSE: HF) Commercial Equipment
Finance group. It will be used to further finance a variety of equipment
acquisitions primarily focused on completing Ibis' initial production line for
300-millimeter SIMOX-SOI wafers.

Martin J. Reid, president and chief executive officer of Ibis Technology said,
"We are delighted to work with Heller Financial because of their impressive
track record of success, especially with high tech companies." Reid went on to
explain that most of the equipment being financed will be used for completing
the manufacture of wafers that have been processed through the new Ibis 2000
oxygen implanter, which is on schedule for initial production runs late this
year. "Having the complete tool set for not only implanting, but annealing and
characterizing wafers is a major competitive advantage for us," said Reid.

"Heller Financial has long supported the semiconductor industry, and is pleased
to help support the growth of a company like Ibis," said Bruce Westwood-Booth,
Senior Vice President of Heller Financial's Commercial Equipment Finance group.


                                     -MORE-





ABOUT IBIS TECHNOLOGY
Ibis Technology Corporation is the leading provider of SIMOX-SOI
(Separation-by-Implanted-Oxygen Silicon-On-Insulator) wafers and equipment for
the worldwide semiconductor industry. The company is headquartered in Danvers,
Massachusetts and maintains an office in Aptos, California. Ibis Technology is
traded on the Nasdaq National Market under the symbol IBIS. Information about
Ibis Technology Corporation and SIMOX-SOI is available on Ibis' World Wide Web
site at www.ibis.com.

ABOUT HELLER FINANCIAL
Heller Financial, Inc. is a worldwide commercial finance company providing a
broad range of sophisticated financing solutions. With nearly $20 billion in
total assets, Heller Financial offers equipment financing and leasing, sales
finance programs, cash flow and collateral-based financing, financing for
healthcare companies and financing for commercial real estate. Heller also
offers trade finance, factoring, asset-based lending, leasing and vendor finance
products and programs to clients in Europe, Asia and Latin America. Heller
Financial's common stock is listed as "HF" on the New York and Chicago Stock
Exchanges. The company can be found on the World Wide Web at
http://www.hellerfinancial.com.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: This release may contain forward-looking statements that are subject to
certain risks and uncertainties including statements regarding the schedule of
the Ibis 2000. Such statements are based upon management's current expectations
that are subject to risks and uncertainties that could cause actual results to
differ materially from those set forth in or implied by forward-looking
statements, including, but not limited to, product demand and market acceptance
risks, general economic conditions, the impact of competitive products,
technologies and pricing, the impact of rapidly changing technology, equipment
capacity and supply constraints or difficulties, limitations on the ability to
protect the Company's patents and proprietary technology, the Company's limited
history with regard to sales of implanters, the cyclical nature of the
semiconductor industry, and other risks described in the Company's Securities
and Exchange Commission filings. All information set forth in this press release
is as of September 27, 2001, and Ibis undertakes no duty to update this
information unless required by law.

                                       ###