Cypress Spins Out PC Clock Business to Spectra Linear Inc.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. -- 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). Corp. (NYSE NYSE See: New York Stock Exchange :CY) and Spectra Linear, Inc., a Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.-based developer of timing solutions for computation and consumer markets, jointly announced that Cypress has spun out the assets and intellectual property of its PC clock business to Spectra Linear. This transaction does not involve Cypress's general purpose clocks business. Under the terms of the agreement, Spectra Linear acquired these assets for an undisclosed amount of cash and equity, and licensed access to its clock-related intellectual property. Cypress will continue to provide wafer manufacturing, assembly, test and logistics services to Spectra Linear. This partnership will help to ensure a continuity of supply and a seamless transition for Cypress's PC Clock customers. "This transaction accelerates Spectra Linear's entry into the PC market with world class customer engagements. Furthermore, it establishes Spectra Linear as the largest pure play timing company," said the company'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. , Ilhan Refioglu. Cypress's President and CEO, T.J. Rodgers, said, "The spin-out of Cypress's PC Clocks business is consistent with our strategic plans to focus on mass-market programmable, system-on-chip products." The transaction, which was closed today, calls for the transfer of Cypress's frequency timing generators and buffers optimized for desktop and notebook computers, computer servers and memory modules to Spectra Linear. It does not include Cypress's general purpose clock offerings of fixed and programmable timing products used primarily in consumer electronics, handsets and networking applications. About Cypress Cypress solutions perform: consumer, computation, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , automotive, industrial, and solar. Leveraging proprietary silicon processes, Cypress's product portfolio includes a broad selection of wired and wireless USB The wireless version of the universal serial bus (USB). Using ultra-wideband (UWB) technology, wireless USB is designed to provide the same 480 Mbits/sec data rate as USB 2.0 within two meters (6.6 ft.) or 110 Mbps within 10 meters (33 ft.). devices, CMOS image sensors A CMOS-based chip that records the intensities of light as variable charges similar to a CCD chip. Although initially used in less expensive digital cameras, the quality of CMOS sensors has improved steadily. CMOS sensors have advantages over CCDs. , timing solutions, specialty memories, high-bandwidth synchronous and micropower memory products, optical solutions and reconfigurable mixed-signal arrays. Cypress trades on the NYSE under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CY. Visit us at www.cypress.com. About Spectra Linear Spectra Linear is a pure play integrated timing solutions company that focuses on consumer, computation and communication markets, using innovative, high performance mixed signal platforms for fast time to market. Spectra Linear is venture backed by InterWest Partners and Norwest Venture Partners. Visit us at www.spectralinear.com. Statements made in this release that are not historical in nature and that refer to Cypress plans and expectations for the future, including but not limited to the expected success of the transaction described above are forward-looking statements made pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Our actual results may differ materially due a variety of factors, including but not limited to Cypress' ability to support Spectra Linear going forward, the success of the general purposes clocks business retained by Cypress as well as the risks identified in our filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to Cypress as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statement. We use words such as "anticipates," "believes," "expects," "future," "look forward," "planning," "intends" and similar expressions to identify such forward-looking statements. Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. All other trademarks are the property of their respective owners. |
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