ArcSys and ISS merger approved.SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 27, 1995--ArcSys Inc. (ARCS) and Integrated Silicon Systems Inc. (ISS ISS See Institutional Shareholder Services (ISS). ) today announced the completion of their previously announced merger of the two companies. Stockholders of both companies approved the merger at the companies' respective special stockholder meetings convened today. Both businesses will now be operated under the new name "Avant! Corp." (pronounced ah-VAHN-tee). With the merger, each outstanding share of ISS common stock will be converted into the right to receive 0.75 of a share of ArcSys common stock. The common stock of ISS will cease being traded on the 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 National Market after the close of trading today. The common stock of ArcSys will continue to trade under the symbol "ARCS" on Tuesday, Nov. 28, and will begin trading under the new symbol "AVNT" on Wednesday, Nov. 29. Effective upon consummation of the merger, David C. Arnold, a board member of ISS at the time of the merger, was elected to the board of directors of Avant! Corp. Y. Eric Cho, Tench Coxe For other men with this name, see Tench Coxe (disambiguation) Tench Coxe (May 22, 1755– July 17, 1824) was an American political economist and a delegate for Pennsylvania to the Continental Congress in 1788-1789. , Robert C. Kagle and Gerald C. Hsu, members of the board of ArcSys at the time of the merger, will continue to serve on the board of Avant! Hsu, president and chief executive officer of ArcSys at the time of the merger, was appointed chairman of the board of Avant! and will continue to serve as president and chief executive officer of Avant! John P. Huyett, chief financial officer of ISS at the time of the merger, was appointed chief financial officer and vice president of financial and administrative services of Avant! Avant! Corp. (NASDAQ:AVNT) develops, markets and supports integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for design automation (ICDA ICDA abbr. International Classification of Diseases, Adapted for Use in the United States ) software for deep submicron integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. (ICs), microprocessors, microcontrollers, application-specific standard products (ASSPs) and complex application-specific integrated circuits (hardware) Application-Specific Integrated Circuit - (ASIC) An integrated circuit designed to perform a particular function by defining the interconnection of a set of basic circuit building blocks drawn from a library provided by the circuit manufacturer. (ASICs). The company currently has about 200 employees. Avant!'s products have become industry standards for the physical layout and verification of high-performance ICs, helping to increase performance, lower development costs, reduce time to market, and reduce the risk inherent in new designs. Company headquarters are located in Sunnyvale, telephone 408/738-8881. CONTACT: Avant! Corp., Sunnyvale Lois DuBois, 408/523-8857 email: lois_dubois@avanticorp.com |
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