Altera Invests in I-Cube; Altera Takes a Minority Stake in Startup; Altera CEO Rodney Smith Joins I-Cube Board.Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALTR) announced today that it has made an equity investment in I-Cube Incorporated, a supplier of programmable switching and interconnect devices (PSIDs). I-Cube is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , and is a leading supplier in the emerging programmable switching marketplace. This action closes the third round of financing for I-Cube, in which Altera was the lead investor. Under the terms of the investment agreement, Rodney Smith, Altera's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will join I-Cube's board of directors. George Kern George Kern, a native of Baltimore, Maryland, was a leading New York corporate lawyer in the 1970's and 80's. After graduating from Princeton (1947) and Yale Law School (1952), Kern joined Sullivan & Cromwell where he became a partner in 1960. , president and CEO of I-Cube, stated, "Rodney Smith's proven leadership and management record with Altera is a welcome addition to the board. His experience in bringing a programmable logic company from its startup phase to a world-class leader is invaluable." "Altera continually evaluates companies for partnership and investment purposes," stated Mr. Smith. "There is a unique synergy between I-Cube's business and Altera's. Each company is using programmable technology to provide time-to-market solutions for designers of electronic systems." Market and Distribution Synergy PSIDs are static RAM-based devices that provide connections between components on a printed circuit board. The I-Cube devices are well suited to the communications marketplace, which benefits from high-performance switching technology. The communications marketplace is an important area of focus for Altera, with over 50 percent of its revenue coming from this sector. I-Cube and Altera currently share distribution partners in Japan, the U.K. and North America, and anticipate an even greater partnership in field sales and support in the future. The two companies are now working together on a 100 Mbit Ethernet switch reference design for communication applications. About Altera Altera Corporation, founded in 1983, is a world-wide leader in high-performance, high-density programmable logic devices and associated computer aided engineering (application) Computer Aided Engineering - (CAE) Use of computers to help with all phases of engineering design work. Like computer aided design, but also involving the conceptual and analytical design steps. (CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. ) logic development tools. Programmable logic devices are semiconductor chips that offer on-site programmability to customers. The chips are programmed using tools that run on personal computers or engineering workstations. User benefits include ease of use, lower risk, and fast time-to-market. The Company offers the broadest line of CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. programmable logic devices that address high-speed, high-density, and low-power applications. Altera products serve a broad range of market areas, including telecommunications, data communications, computers, and industrial applications. Altera common stock is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. using the symbol ALTR. About I-Cube I-Cube, Inc. is the inventor of the Programmable Switching and Interconnect Device (PSID PSID Panel Study of Income Dynamics PSID Panel Study on Income Dynamics PSID Pounds per Square Inch Differential PSID Photon Stimulated Ion Desorption PSID Product Support Integration Directorate PSID Private System Identification ). I-Cube's high-performance, non-blocking switching technology provides cost effective bandwidth management solution for high-performance systems targeted at rapidly expanding marketing in telecommunications, high-speed networking, image processing and computation. The Company supports these applications through both general purpose and focused, application specific devices. Privately held, the company is funded by its founders, private investors and venture capital. -0- Note to Editors: Altera is a registered trademark, and specific device designations are trademarks of Altera Corporation. PSID is trademark of I-Cube. All other trademarks are the property of their respective holders. CONTACT: Altera Corporation Robert K. Beachler/Tom Nicoletti, 408/894-7000 or Cain Communication Susan Cain, 408/291-2580 |
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