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INTEGRATED CIRCUIT SYSTEMS COMPLETES MERGER WITH TURTLE BEACH SYSTEMS

 VALLEY FORGE, Pa., Aug. 2 /PRNewswire/ -- Integrated Circuit Systems Inc. (ICS) (NASDAQ: ICST) today announced the completion of the merger with Turtle Beach Systems, effective immediately. Turtle Beach provides PC-based hardware and software products for audio recording and editing in multimedia and professional audio applications. ICS believes that the merger positions it for continued growth by offering the company's current customers access to complete multimedia audio solutions.
 Under the terms of the agreement, ICS has acquired all outstanding shares of capital stock, as well as assumed all outstanding stock options of Turtle Beach in exchange for the issuance of approximately 450,000 shares of ICS common stock and the issuance of ICS stock options to acquire approximately 50,000 shares of ICS common stock. Using the $12.25 per share closing price of ICS common stock on July 30, 1993, the merger will be valued at approximately $6 million.
 Turtle Beach will become a wholly owned subsidiary and will operate as a separate business unit out of its headquarters in York, Pa. No structural changes are expected as a result of the merger.
 Edward Arnold, chairman and chief executive officer of ICS, said, "We view the addition of multimedia capabilities to computers as requiring three elements: integrated circuit design, systems integration skills and software development expertise. This merger forms one team with those needed skills. Through our customers, the team's silicon and software products will have a direct pipeline to the who's who of the computer industry. This merger represents a significant opportunity for continued growth of ICS."
 Turtle Beach president Roy R. Smith II, said, "With the addition of ICS's capital strength and semiconductor capabilities, Turtle Beach Systems should be able to turn our existing technology leadership into healthy market share. In addition, our expertise in multimedia systems engineering will help ICS to produce products that break price, quality and performance barriers."
 The two companies have already begun to embark on co-developing a range of cost-effective sound solutions including chip, hardware, software and complete turnkey manufacturing for the PC OEM market. Because Turtle Beach is one of the few industry players with an understanding of both hardware and software issues in multimedia, ICS will be well positioned to address its customers' issues of compatibility and integration.
 Turtle Beach has provided sound solutions for the PC multimedia market since its founding in 1985. Current products include MultiSound, an award-winning multimedia sound board; the 56K digital recording system, which performs professional-grade CD mastering, digital editing and digital recording; Wave for Windows, a sound editing software package; and Turtle Tools, a sound card software utility set. Turtle Beach believes that its MultiSound card provides the highest quality multimedia sound available in the PC multimedia sound market, having won nearly every product award in its category.
 Integrated Circuit Systems Inc. is a fabless semiconductor company specializing in the design and marketing of mixed signal integrated circuits. Headquartered in Valley Forge, with operations in San Jose, Calif., the company is a leading supplier of frequency timing generator products for graphics and systems applications in personal computers and workstations. It also supplies products for power management and multimedia sound and video applications, including a family of ICs that digitize sound for use in multimedia applications.
 -0- 8/2/93
 /CONTACT: Ed Arnold of Integrated Circuit Systems, 215-630-5300; or Roy R. Smith II or Bob Hoke of Turtle Beach Systems, 717-843-6916/
 (ICST)


CO: Integrated Circuit Systems; Turtle Beach Systems ST: Pennsylvania, California IN: CPR SU: TNM

LM-SB -- SE004 -- 8230 08/02/93 09:33 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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