Cypress Semiconductor to Acquire Cascade Semiconductor Corporation; Deal to Expand Cypress's Wireless Product Portfolio.Business Editors/High-Tech Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 20, 2003 Cypress Semiconductor Cypress Semiconductor is a semiconductor design and manufacturing company. It began operations in 1982 and listed publicly in 1986. Two years later, the company shifted over to the New York Stock Exchange under the symbol, (NYSE: CY). Corporation (NYSE NYSE See: New York Stock Exchange :CY) and Cascade Semiconductor Corporation, 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. , today announced the signing of a definitive agreement for Cypress to acquire Cascade in a merger. Cascade, a company specializing in 1T Pseudo-SRAM products for wireless applications, has averaged quarterly revenues of approximately $3 million. "Cascade complements Cypress in multiple ways," said Tony Alvarez This article is about the Major League Baseball center fielder. For the Australian actor, see Tony Alvarez (actor). Antonio Enrique Álvarez [AL-vah-rez] (born May 10, 1979 in Caracas, Venezuela), is a Major League Baseball center fielder and right-handed , Cypress's executive vice president for the Memory Products Division. "First, it has volume shipments of 1T-Pseudo SRAM See static RAM. SRAM - static random-access memory products at several accounts that are new to Cypress. It also adds to our product development capabilities in memories for the mobile phone segment. Finally, Cascade brings to Cypress experience in selling into the 'System-in-package' markets within the mobile handset industry." "Cypress has developed very strong worldwide alliances with virtually every important channel in the wireless market," said Dr. Wenliang Chen, Cascade's co-founder and president. "In addition, it has a large, world-class sales, marketing and applications organization to facilitate market penetration of our extremely competitive products. The combined product portfolios of our companies will provide a line of mobile applications memories I believe is literally second to none." The closing of the merger, which is expected in the 2003 fourth quarter, is subject to regulatory approvals and other customary conditions to closing. The transaction is expected to be accretive to Cypress's pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. starting in the first quarter of 2004. About Cypress Cypress Semiconductor Corporation (NYSE:CY) is Connecting from Last Mile to First Mile(TM) with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress Connects(TM) using wireless, wireline, digital, and optical transmission standards, including USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. , Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing . Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions, and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at www.cypress.com. About Cascade Founded in May 2001, Cascade Semiconductor Corporation is a privately held fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. that designs and markets low-power memory products to wireless communications market based in Beaverton, Ore. More information about Cascade is available online at www.cascadesemi.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision The above news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to the expected impact of the acquisition on Cypress's operating results, future market demand and acceptance of Cypress's and Cascade's products, and the development of new business and products of the combined company. Cypress's actual results may vary materially from the results discussed in the forward-looking statements. Factors that may cause such a difference include those risks surrounding the closing of the acquisition, timely development, production, and the continued and increased market acceptance of the combined companies' products, Cypress's ability to successfully combine the operation of the two companies, the ability of the combined company to compete in the highly competitive and rapidly changing marketplace, and the other risks detailed from time to time in Cypress's periodic reports with the Securities and Exchange Commission. Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. "Connecting from Last Mile to First Mile" and "Cypress Connects" are trademarks of Cypress. All other trademarks are the property of their respective owners. |
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