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INTEGRATED CIRCUIT SYSTEMS TO ACQUIRE AVASEM CORPORATION

 INTEGRATED CIRCUIT SYSTEMS TO ACQUIRE AVASEM CORPORATION
 VALLEY FORGE, Pa., Sept. 22 /PRNewswire/ -- Integrated Circuit


Systems, Inc. (NASDAQ: ICST) today announced that it has signed a definitive agreement to acquire Avasem Corporation, a privately held semiconductor company based in San Jose, Calif., in a common stock transaction that will be accounted for as a pooling of interests.
 The agreement calls for Integrated Circuit Systems to issue shareholders of Avasem approximately 1.3 million shares of common stock in exchange for all outstanding shares of Avasem. Additionally, ICS will assume Avasem's outstanding employee stock options, which will be converted into options to acquire approximately 107,000 shares of ICS. The transaction, subject to SEC review and shareholder approval, is expected to close by Dec. 31, 1992.
 Edward H. Arnold, chief executive officer and president of ICS, said the combination of the two companies will create a mixed analog and digital marketing and technology group capable of providing leading-edge products for frequency-timing generation, multimedia sound and video, power management and communications applications. The merger will also provide ICS with a significant presence in California's Silicon Valley.
 "We expect there will be tremendous synergy in the combined operations of both companies," said Arnold. "Each has a long history of marketing compatible product lines and represents a major mixed analog and digital development resource. The combined technology group will allow for more efficient deployment of technical resources and will support ICS's strategic growth plan in developing products for its target markets."
 ICS and Avasem have supplied complementary products for frequency timing applications in similar marketplaces. Both companies said they believe the market for utilizing frequency generating products in system timing applications is poised for significant market expansion. "As a combined force, we are better able to provide our customers with the broadest possible product line," commented Arnold.
 Both companies have established a significant patented and proprietary technology base in frequency timing generation which resolves sophisticated timing needs. This technology is not limited to PC applications nor specifically the replacement for crystal oscillators. "The combined research and development efforts and technology base could greatly enhance our ability to expand and exploit the opportunities for this technology," added Arnold.
 Avasem, which reported 1992 operating income of $1.5 million on revenues of $12 million, markets application-specific integrated circuits and other standard products including PC graphics, memory display and other timing applications. ICS, with fiscal 1992 net income of $3.2 million on $22.6 million in revenues, provides application- specific integrated circuits and standard products in frequency-timing generation, multimedia sound and video, power management and communications.
 /delval/
 -0- 9/22/92
 /CONTACT: Keith Schneck of Integrated Circuit Systems, 215-666-1900/
 (ICST) CO: Integrated Circuit Systems, Inc.; Avasem Corporation ST: Pennsylvania, California IN: CPR SU: TNM


MK-CC -- PH017 -- 2139 09/22/92 11:35 EDT
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Date:Sep 22, 1992
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