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SST Strengthens Its Embedded Flash Business With Acquisition of
Emosyn
Acquisition Offers Emosyn Advanced Embedded Flash Technology and Increased
Access to Foundry Capacity
SUNNYVALE, Calif., Sept. 13 /PRNewswire-FirstCall/ -- SST (Silicon Storage
Technology, Inc., Nasdaq: SSTI), a leader in flash memory technology, today
announced it has acquired a majority ownership of privately held Emosyn LLC, a
fabless semiconductor manufacturer specializing in the design and marketing of
smart card ICs for SIM (subscriber identification module) card applications.
Under the terms of the agreement valued at approximately $19 million, SST,
through its subsidiary SST International, will acquire 83.6 percent of Emosyn's
assets, while ATMI, Inc. (NASDAQ:ATMI), Emosyn's former parent company, will
retain 16.4 percent ownership of the company. The transaction closed on
September 10, 2004.
Emosyn's approximately 40 employees, headed by president Nicholas Wood, will
form a subsidiary of SST and will continue to operate as a separate entity,
designing and developing leading-edge ICs based on SST's SuperFlash technology
for the burgeoning smart card market. The subsidiary, incorporated in the
Cayman Islands, will continue to have an R&D center in Silicon Valley, and
marketing and application offices in the United Kingdom and Singapore.
"We are thrilled to partner with ATMI in Emosyn, one of our long-time licensing
partners," said Bing Yeh, SST's president and chief executive officer. "We
believe this acquisition will help Emosyn leverage SST's many foundry
relationships and manufacturing operation infrastructure in order to meet the
rising demand for its products, as well as allow SST to establish SuperFlash
technology as the technology-of-choice in the strategically important smart
card market."
"We have been working with SST's technology for more than five years and we are
very excited about this acquisition and the opportunity it brings to grow our
business leveraging SST's volume manufacturing and customer service
experience," said Nicholas Wood, president of Emosyn. "Emosyn's goal is to
become the number one solutions provider to the smart card market, and SST has
the right resources and relevant experience to help us succeed. We expect to
realize a number of benefits to our business including our wafer procurement,
IT and back-end operations by integrating them with SST's sophisticated,
state-of-the-art infrastructure."
About Emosyn
Emosyn is a fabless semiconductor manufacturer of integrated circuits that
provide a high level of security for personal and portable information, such as
cell phones, National ID card schemes and bank cards. The company's Theseus
Platinum(TM) product line is focused on secure transactions, with products
aimed at the smart card market. With a design center in Silicon Valley,
California and sales and marketing offices in Europe, Asia and the United
States, Emosyn has a worldwide presence. For further information, please visit
http://www.emosyn.com/.
About SuperFlash Technology
SST's SuperFlash technology is a NOR type, split-gate cell architecture which
uses a reliable thick-oxide process with fewer manufacturing steps resulting in
a low-cost, nonvolatile memory solution with excellent data retention and
higher reliability. The split-gate NOR SuperFlash architecture facilitates a
simple and flexible design suitable for high performance, high reliability,
small or medium sector size, in- or off-system programming and a variety of
densities, all in a single CMOS-compatible technology.
About Silicon Storage Technology, Inc.
Headquartered in Sunnyvale, California, SST designs, manufactures and markets a
diversified range of nonvolatile memory solutions, based on proprietary,
patented SuperFlash technology, for high volume applications in the digital
consumer, networking, wireless communications and Internet computing markets.
SST's product families include various densities of high functionality flash
memory components, flash mass storage products and flash microcontrollers. SST
also offers its SuperFlash technology for embedded applications through its
world-class manufacturing partners and technology licensees including 1st
Silicon (Malaysia) Sdn. Bhd., Grace Semiconductor Manufacturing Corporation
(Grace), IBM, Motorola, Inc., National Semiconductor Corporation, NEC
Corporation, Oki Electric Industry Co. Ltd., Samsung Electronics Co. Ltd.,
SANYO Electric Co., Ltd., Seiko Epson Corp., Shanghai Hua Hong NEC Electronics
Co., Ltd., Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), Toshiba
Corporation, Vanguard International Semiconductor Corporation, and Winbond
Electronics Corp. TSMC offers embedded SuperFlash under its trademark
Emb-FLASH. Further information on SST can be found on the company's Web site
at http://www.sst.com/.
Forward-Looking Statements
Except for the historical information contained herein, this news release
contains forward-looking statements regarding flash memory market conditions,
the company's future financial performance, the performance of new products and
the company's ability to bring new products to market that involve risks and
uncertainties. These risks may include timely development, acceptance and
pricing of new products, the terms and conditions associated with licensees'
royalty payments, the impact of competitive products and pricing, and general
economic conditions as they affect the company's customers, as well as other
risks detailed from time to time in the company's SEC reports, including the
Annual Report on Form 10-K for the year ended December 31, 2003 and on Form
10-Q for the quarter ended March 31, and June 30, 2004.
For more information about SST and the company's comprehensive list of product
offerings, please call 1-888/SST-CHIP. Information can also be requested via
email to or through SST's Web site at http://www.sst.com/. SST's head office
is located at 1171 Sonora Court, Sunnyvale, Calif.; telephone: 408/735-9110;
fax: 408/735-9036.
The SST logo and SuperFlash are registered trademarks of Silicon Storage
Technology, Inc. Emb-FLASH is a trademark of TSMC. All other trademarks or
registered trademarks are the property of their respective holders.
For More Information Contact:
Sohrab Kianian
Sr. Director, Technology Licensing & Business Development
Silicon Storage Technology, Inc.
408/735-9110
Steve Gabriel
Porter Novelli
408/369-1500 x627
DATASOURCE: Silicon Storage Technology, Inc.
CONTACT: Sohrab Kianian, Sr. Director, Technology Licensing & Business
Development of Silicon Storage Technology, Inc., +1-408-735-9110,
; or Steve Gabriel of Porter Novelli, +1-408-369-1500,
ext. 627, , for Silicon Storage Technology,
Inc.
Web site: http://www.sst.com/
http://www.emosyn.com/