C.P. Clare Completes Sale of Electromagnetic Group Operations to Sumida Electric; Divestiture Underscores Company's Commitment to Shareholders; Positively Effects Future Profitability.BEVERLY, Mass.--(BUSINESS WIRE)--Aug. 25, 1999-- C.P. Clare 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 :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ) today announced that it has completed the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of its Electromagnetic Group Operations (Clare EMG EMG abbr. electromyogram Electromyography (EMG) A diagnostic test that records the electrical activity of muscles. , Inc.) to Sumida Electric Co., Ltd. for a total value exceeding $36 million cash (US). C.P. Clare will use the $40 million in closing cash balances to further invest in IP, enabling the Company to accelerate its technology roadmap The context of product management The existence of product managers in the product software industry indicates that software is becoming more and more commercialized as a standard product. , which is focused on developing advanced semiconductor solutions for specific products in high-growth communications markets, such as home networking and DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary . "This sale puts us squarely on the road to achieve our goals and recapitalize the Company," said Arthur Buckland, C.P. Clare Corporation's president and chief executive. "Fundamentally, we're following a similar turnaround model as one employed by Unitrode Corporation, which shed all except its most profitable businesses in order to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. on its core competencies. In the same vein, C.P. Clare's divestiture of Clare EMG enables us to concentrate on the areas of our business where we can add significant value, which is in advanced semiconductor solutions for communications and connectivity markets." About C.P. Clare Corporation C.P. Clare Corporation is a leader in the design and manufacture of high-voltage analog and mixed-signal semiconductor solutions for high-growth communications and connectivity markets. The Company's products enable communications by providing the critical interface between high-voltage electrical signals and the low-voltage electronics that process those signals. C.P. Clare trades on the NASDAQ exchange under the symbol CPCL and is headquartered in Beverly, Mass. Information about C.P. Clare and its products is available at 978-524-6700 or on the Internet at http://www.cpclare.com. Except for historical information contained herein, the matters set forth in this news release are forward-looking statements as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved. |
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