Cirrus Logic Issues 2.4 Million Shares of Common Stock to IBM.Business Editors/High-Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--April 3, 2000 Satisfies Payment in Support of Previously Announced Revision to JV Agreement; Approximately 33 Percent Fewer Shares Issued Due to Stock Appreciation Cirrus Logic (company) Cirrus Logic - A manufacturer of integrated circuits including the Advanced RISC Machine and display interface processors and cards for use as Windows accelerators (requiring dedicated driver software). http://cirrus.com/. Inc. (Nasdaq:CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ) today announced that it has released approximately 2.4 million shares of common stock from escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. as payment to IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) in conjunction with the previously announced restructuring of its joint venture wafer fab manufacturing agreement. Cirrus Logic placed approximately 3.6 million shares in escrow in July 1999, and filed an S-3 with the SEC last month to provide IBM with registration rights to these shares. Due to the appreciation of Cirrus Logic's stock since the signing of the restructuring agreement last June, the financial obligation to IBM was satisfied with approximately 2.4 million shares, which was about 33 percent fewer shares than the total placed in escrow. "This transaction not only affirms our return to the streamlined fabless model, but it also highlights the appreciation of our stock over the past year," said David D. French, president and chief executive officer of Cirrus Logic Inc. "As we drive the new Cirrus Logic to become a leading supplier of analog and DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive solutions for Internet entertainment appliances, we will continue our focus on greater operating efficiency and enhanced shareholder value." Cirrus Logic is a premier supplier of high performance analog circuits analog circuit, electronic circuit that operates with currents and voltages that vary continuously with time and have no abrupt transitions between levels. Generally speaking, analog circuits are contrasted with digital circuits, which function as though currents or and advanced mixed-signal chip solutions. The company's products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and industrial precision data conversion markets. Additional information about Cirrus Logic is available at www.cirrus.com. |
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