Cypress and Micron Announce Sale and Purchase Agreement; Micron to Transfer Synchronous SRAM Inventory to Cypress.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. and BOISE, Idaho--(BUSINESS WIRE)--April 10, 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 Micron Technology Micron Technology ("Micron") NYSE: MU is a multinational company based in Boise, Idaho, USA, best known for producing many forms of semiconductor devices. This includes DRAM, SDRAM, flash memory, and CMOS image sensing chips. , Inc. (NYSE:MU) announced today the execution of a sale and purchase agreement pursuant to which Micron will transfer its high-performance communications oriented synchronous SRAM See static RAM. SRAM - static random-access memory product inventory to Cypress. Micron recently decided to phase out production of synchronous SRAM products at its worldwide operations. To support customers through this transition, Micron is transferring its synchronous SRAM inventory to another quality supplier well positioned to service customers' SRAM product needs. In announcing the transaction, Jan du Preez, Micron's Vice President of Networking and Communications stated, "We believe this agreement provides the best long-term solution for our customers. It gives our customers an uninterrupted supply of SRAM devices from a world-class supplier while allowing Micron to redirect resources and focus on our higher volume semiconductor products." "Cypress is working closely with Micron to provide continuity of all customer support aspects," said Antonio R. Alvarez, Senior Vice President for Cypress's Memory Products Division. "We want to ensure that all of our customers' concerns are addressed in a proactive manner. This transaction is consistent with Cypress's strategy to serve the communications marketplace and complements our existing position in synchronous SRAMs. Being the number two SRAM supplier in the world, Cypress is well positioned to provide full support to Micron's customers, ensuring a smooth, uninterrupted transition between the two companies." About Cypress Semiconductor Corporation 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 An Ethernet standard that transmits at 1 Gbps. Used mostly to connect high-end workstations and servers as well as for network backbones, Gigabit Ethernet transmits full duplex from point to point using switches and half duplex in a shared environment (CSMA/CD) using a hub. , 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 programmable microcontrollers. More information about Cypress is accessible online at www.cypress.com. About Micron Technology Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit its web site at www.micron.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. " Statement under 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: Statements herein that are not historical facts are "forward-looking statements" involving risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding the effects of this pending transaction to all aspects of customer support and the smooth and uninterrupted transition between the company. Factors that could cause actual results to differ materially from the forward looking statements include but are not limited to: the effect of global economic conditions, shifts in supply and demand, market acceptance of this transaction, the impact of competitive products and pricing, product development, commercialization and technological difficulties, and capacity and supply constraints. Please refer to Cypress's Securities and Exchange Commission filings for discussion of such risks. Cypress assumes no obligation to update these forward-looking statements. Note to Editors: All trademarks referenced are the property of their respective owners. |
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