LATTICE SEMICONDUCTOR SIGNS LETTER OF INTENT TO ACQUIRE QUICKLOGIC CORP.
HILLSBORO, Ore., Sept. 22 /PRNewswire/ -- Lattice Semiconductor Corp. (NASDAQ: LSCC) announced today the signing of a letter of intent to acquire QuickLogic Corp. in a stock transaction to be accounted for as a pooling of interests. The acquisition is subject to the satisfactory completion of due diligence and negotiation and execution of a definitive agreement and normal conditions of closing, including approval of the shareholders of QuickLogic. Based upon current trading prices for Lattice common stock, Lattice expects to issue shares in the transaction representing approximately four percent of the then outstanding shares of Lattice Semiconductor Corp. Other financial terms were not disclosed. QuickLogic, a private, venture-funded corporation, based in Santa Clara, Calif., was founded in 1988 by the investors of the programmable array logic (PAL) devices. The company designs and markets the pASIC product line, a family of high speed, high density CMOS field programmable gate arrays (FPGAs) based on a proprietary antifuse process technology. QuickLogic first began shipments of pASIC products in late 1991. "We are very enthusiastic about this potential business combination," stated Lattice's president and chief executive officer, Cyrus Y. Tsui. "With QuickLogic, Lattice will have access to the fast growing FPGA segment of the high density programmable logic device (PLD) market. The QuickLogic pASIC devices are an outstanding complement to our own pLSI(TM) and ispLSI(TM) complex PLD products. We look forward to these products providing incremental design-in opportunities in both current and new markets, while reinforcing our commitment to offering the highest performance PLDs to our customers." Lattice Semiconductor Corp. is based in Hillsboro. The company designs, develops and markets both high and low density, high-speed E2CMOS programmable logic devices (PLDs). PLDs shorten design cycles and reduce development costs by allowing the customer to quickly and efficiently incorporate different logic functions on a single device. Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the fields of microcomputers, computer peripherals, graphic systems, workstations, telecommunications, military systems and industrial controls. Company headquarters are located at 5510 NE Elam Young Parkway, Hillsboro, OR 97124-6421; telephone, 503-681-0118; fax, 503-681-3077; telex, 277338 LSC UR. -0- 9/22/93 /NOTE TO EDITORS: In reference to "E2CMOS," the "2" should be written in superscript/ /CONTACT: Cyrus Tsui or Steve Laub of Lattice Semiconductor, 503-681-0118/ (LSCC)
CO: Lattice Semiconductor Corp.; QuickLogic Corp. ST: Oregon, California IN: CPR SU: TNM
JH -- SE006 -- 4522 09/22/93 08:31 EDT
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|Date:||Sep 22, 1993|
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