Samtec Licenses VSPA Semiconductor Technology From Panda and Takes Equity Position In Transaction of $1,000,000.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Feb. 3, 1999--Samtec, Inc. and The Panda Project, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:PNDA PNDA Plan National de Développement Agricole (French: National Agriculture Development Plan) PNDA Perinatal Death Audit PNDA Pinkerton National Detective Agency PNDA Philippine National Day Association ) today announced that Samtec has licensed The Panda Project's VSPA (Very Small Peripheral Array) An earlier surface mount chip housing from The Panda Project, Inc., Boca Raton, FL. VSPA offered a 60% reduction in size over the popular PQFP method while adding more contacts. See Compass connector. (tm) semiconductor technology and has also purchased an equity stake in Panda. Samtec paid Panda a $500,000 license fee for the VSPA(tm) technology. In addition, Panda will receive royalty payments related to sales of VSPA(tm). Samtec also purchased from Panda 666,667 shares of common stock for $500,000. John Shine, President of the Samtec said, "The VSPA semiconductor package compliments Samtec's strong position in the board to board market by enabling us to expand into complimentary IC to board products." Samtec is a worldwide manufacturer of printed circuit board level interconnects, with annual revenues of $130,000,000 and locations in seven countries. Samtec is a privately held leader in "Sudden Service" which allows customers to dramatically shorten lead times and decrease time to market for products. Stanford W. Crane, Jr., 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. of The Panda Project, Inc. stated, "Samtec is a great partner for Panda and VSPA(tm). Samtec provides substantial manufacturing resource to VSPA(tm) customers, yet is responsive enough to allow the customer to get to market very quickly. Samtec brings a solid organization capable of the stamping, molding and assembly of the VSPA(tm) products in very high volumes." VSPA(tm) is an advanced semiconductor packaging technology developed by The Panda Project. It has received industry acceptance by JEDEC The division of the Electronic Industries Alliance (EIA) that deals with semiconductor standards (officially, the JEDEC Solid State Technology Association of EIA). JEDEC was formed in 1958 when the Joint Electron Tube Engineering Council (JETEC) split into two Joint Electron Device , the worldwide standards committee, and has received designation as PQFP-B. The designation PQFP-B refers to VSPA(tm) as an extension of the PQFP (Plastic Quad Flat Package) Refers to many varieties of QFP chip packages, which are molded in plastic. See QFP. family of products which are the most widely used in the industry. Until VSPA(tm), no PQFP was commercially offered to provide above 304 contacts. Panda's PQFP-B now extends the family's capability to over 1000 contacts. Additionally, PQFP-B breaks new ground for high pin count devices by being the first to provide multichip module capability at a very low cost. Forward-looking statements in this release, including statements concerning production or sale of the VSPA(tm) product, are based on information available to the Company as of the date hereof and involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays or failures in product development, competitive pressures, general economic conditions, risks of intellectual property litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. Visit The Panda Project on the World Wide Web at www.pandaproject.com and Samtec at www.samtec.com |
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