Cooper & Chyan Technology Acquires UniCAD.CUPERTINO, Calif.--(BUSINESS WIRE)--July 23, 1996--Cooper & Chyan Technology, Inc. (CCT CCT Circuit CCT Commission Canadienne du Tourisme (Canadian Tourism Commission) CCT Correlated Color Temperature CCT Common Customs Tariff (EU) CCT Certificate of Completion of Training ) (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 :CCTI CCTI Climate Change Technology Initiative CCTI Composite Can Tube Institute CCTI Chairman of the Joint Chiefs of Staff commended training issue (US DoD) CCTI Control Center Technology Interchange CCTI Chief's Call To Initiation ), a leader in fast circuit interconnection software for PCBs, MCMs, and ICs, announced today that it has signed a definitive agreement to acquire UniCAD, INC. UniCAD, INC., 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. , is a leading supplier of PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. electrical integrity, analysis and optimization tools. Under the terms of the agreement, CCT will issue shares of its common stock according to a conversion ratio subject to adjustment based on changes in the market price of CCT's stock. At yesterday's closing price, CCT would issue approximately 365,000 shares of its common stock in exchange for all shares of UniCAD stock currently outstanding. CCT will also assume all outstanding options under the UniCAD stock option plan which, after the acquisition, will result in the issuance of approximately 69,000 additional shares of CCT common stock as the options are vested and exercised. The transaction is structured as a tax-free reorganization and will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Subject to approval by UniCAD's stockholders, and to normal closing conditions, the transaction is currently scheduled to close in late August 1996. Upon completion of the transaction, UniCAD will continue to operate under its name in Ottawa, Ontario, as a wholly-owned subsidiary of CCT. By leveraging UniCAD's tools, CCT intends to further solidify its leadership in solving the high speed interconnect NVIDIA's High Speed Interconnect (often abbreviated to 'HSI') chip was used in their early PCI Express graphics cards, where it acted as a bridge between the PCI Express connection to the computer and the natively AGP GPU. problem through the development of an integrated next-generation place and route system. "Beyond clock speeds of 66 Mhz, the high speed PCB interconnect problem requires a tight coupling between place and route software and analysis tools," said Jack Harding, CCT'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. . "While this acquisition provides us additional products to sell, we are primarily interested in its future potential to offer an integrated solution built from customer proven point tools." CCT markets PCB place and route tools that can accept high speed placement and routing rules from multiple analysis tools. Typically, rules generated by the analysis tool are executed by the place and route tool, reanalyzed, and then rerouted. In contrast to this iterative approach, an integrated next-generation system would allow the router to embed the analysis tool, resulting in "correct by construction" per & Chyan Technology, Inc. Geoffrey Indrajo, 408/366-6966 or UniCAD, INC. Susan Toland, 508/692-8446 or Lee Public Relations Ed Lee, 415/363-0142 |
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