8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2008

Ibis Technology Corporation
(Exact name of registrant as specified in its charter)

Massachusetts	0-23150	04-2987600
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

32 Cherry Hill Drive, Danvers, Massachusetts  01923

(Address of principal executive offices)       (Zip Code)

Registrant’s telephone number, including area code: (978) 777-4247

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions(see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01     Other Events.

Ibis Technology Corporation (Nasdaq NM: IBIS) a leading provider of SIMOX-SOI implantation equipment to the worldwide semiconductor industry, today announced that it has engaged the investment bank BlueLake Partners, LLC for the purpose of assessing strategic alternatives for Ibis, including a potential sale of the Company and/or its assets. No decision has been made as to whether Ibis will engage in a transaction or transactions resulting from its consideration of strategic alternatives, and no assurance can be given that any transaction or transactions will occur or, if undertaken, the terms or timing of such a transaction. The Company does not intend to comment further publicly with respect to this assessment unless a specific transaction or alternative is approved by its Board.

Commenting on the matter, Martin J. Reid said "We expect to analyze a number of potential strategic paths with the benefit of expertise provided by BlueLake Partners."

Item 9.01     Financial Statements and Exhibits.

(a)  Not applicable.

(b) Not applicable.

(c)  Exhibits

Exhibit 99.1. Press Release issued by Ibis Technology Corporation on February 27, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		IBIS TECHNOLOGY CORPORATION
Date:	February 27, 2008	/s/ William J. Schmidt
		William J. Schmidt Chief Financial Officer

EX-99.1

Exhibit 99.1

Ibis Technology Selects Investment Banker to Pursue Potential Sale of the Company

DANVERS, Mass.--(BUSINESS WIRE)--Ibis Technology Corporation (Nasdaq NM: IBIS) a leading provider of SIMOX-SOI implantation equipment to the worldwide semiconductor industry, today announced that it has engaged the investment bank BlueLake Partners, LLC for the purpose of assessing strategic alternatives for Ibis, including a potential sale of the Company and/or its assets. No decision has been made as to whether Ibis will engage in a transaction or transactions resulting from its consideration of strategic alternatives, and no assurance can be given that any transaction or transactions will occur or, if undertaken, the terms or timing of such a transaction. The Company does not intend to comment further publicly with respect to this assessment unless a specific transaction or alternative is approved by its Board.

Commenting on the matter, Martin J. Reid said “We expect to analyze a number of potential strategic paths with the benefit of expertise provided by BlueLake Partners.”

About Ibis Technology

Ibis Technology Corporation is a leading provider of oxygen implanters for the production of SIMOX-SOI (Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers for the worldwide semiconductor industry. Headquartered in Danvers, Massachusetts, Ibis Technology is traded on the Nasdaq Global Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on the Ibis web site at www.ibis.com.

About BlueLake Partners, LLC

BlueLake Partners, LLC is a technology investment bank that provides actionable strategic advisory, M&A and investment advice to public and private industrial technology companies and investors. For more information please visit www.BlueLakePartners.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This release contains express or implied forward-looking statements regarding, among other things, (i) the Company's ability to conduct its operations in a manner consistent with its current plan and existing capital resources or otherwise to obtain additional implanter orders or to secure financing to continue as a going concern, (ii) the Company's expectations regarding it’s strategic alternatives, including the potential sale of the Company and future orders for i2000 implanters, (iii) continued retention of key personnel and technical staff, (iv) customer interest in and demand for, and market acceptance of, the Company's SIMOX-SOI technology, (v) attaining implanter improvements to the degree and in the timeframe necessary to meet customer expectations, (vi) the Company's plan to focus on supplying implanters to wafer manufacturers, (vii) the timing of our largest customer’s ramping to production quantities on their i2000 implanters, (viii) the adequacy of the Company's cash resources for continuing and future operations, and (ix) the adoption rate of SOI technology. Such statements are neither promises nor guarantees, but rather are subject to risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, cessation as a going concern due to the depletion of the Company's cash reserves at an unanticipated rate combined with an inability to obtain customer orders or to secure financing, future continued migration to SOI technology and market acceptance of SIMOX, the level of demand for the Company's products, the Company's ability to pursue and maintain further strategic relationships, partnerships and alliances with third parties, the Company's ability to protect its proprietary technology, the potential trends in the semiconductor industry generally, the ease with which an i2000 can be installed and qualified in fabrication facilities, the likelihood that implanters, if ordered, will be qualified and accepted by customers without substantial delay, modification, or cancellation, in whole or in part, the likelihood and timing of revenue recognition on such transactions, the impact of competitive products, technologies and pricing, the impact of rapidly changing technology, the possibility of further asset impairment and resulting charges, equipment capacity and supply constraints or difficulties, the Company's limited history in selling implanters, general economic conditions, and other risks and uncertainties described in the Company's Securities and Exchange Commission filings from time to time, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and our subsequent quarterly reports on Form 10-Q. All information set forth in this press release is as of February 27, 2008, and Ibis undertakes no duty to update this information unless required by law.

CONTACT:
Ibis Technology Corporation
William J. Schmidt, 978-777-4247
Chief Financial Officer