Integrated Circuit Systems (NASDAQ:ICST)
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Integrated Device Technology, Inc. ("IDT")
(Nasdaq:IDTI), a leading communications IC company, and Integrated
Circuit Systems, Inc. ("ICS") (Nasdaq:ICST), a leading timing
solutions IC company, announced that they expect the close of their
merger to occur by the end of the day, today.
"This merger represents an important step in the transformation of
IDT," said Greg Lang, president and chief executive officer of IDT.
"We provide our customers with a broad range of vital solutions,
utilizing advanced timing, switching, buffering, and packet-processing
technologies. The combination of ICS's leadership position in clocks
and IDT's success in the communications market provides our combined
customer base with a full suite of leadership solutions to today's
challenging system design problems. Furthermore, we expect to achieve
significant operating and manufacturing cost synergies as a combined
company."
"We are excited about the pending close of the merger," said Hock
Tan, president and chief executive officer of ICS. "Our customers and
shareholders should experience significant benefits from the merger of
these two strong companies. We are now quickly moving to the
implementation and integration phase."
IDT will hold a conference call on September 19, 2005 at 5:30 a.m.
(PDT) to update its investors on the integration and fiscal Q2
guidance for the combined company. IDT will hold its fiscal Q2
earnings call on November 8, 2005 at 1:30 p.m. (PDT).
Webcast and Conference Call Information
Investors can listen to a live or replay Webcast of the Company's
post-close conference call at www.IDT.com. The live Webcast begins at
5:30 a.m. PDT on September 19, 2005. The Webcast replay will be
available after 10:30 a.m. PDT on September 19 through September 26,
2005. A taped telephone replay of the conference call will be
available on September 19, 2005 beginning at 9:00 a.m. PDT by calling
(800) 475-6701 or (320) 365-3844 and will be accessible until 11:59
p.m. PDT on September 26, 2005. The access code is 796124. Investors
can also listen to the live call at 5:30 a.m. PDT on September 19,
2005 by calling (866) 254-5942 or (612) 332-1213.
Investor Information
IDT stock is traded on the Nasdaq Stock Market(R) under the symbol
"IDTI." The Company is included in the S&P 1000, which is a
combination of the S&P MidCap 400 and S&P SmallCap 600 Indices, and is
also part of the S&P SuperComposite 1500, which combines the S&P 500,
MidCap 400, and SmallCap 600. Additional information about IDT is
accessible at www.IDT.com. The merged company will continue to trade
under the IDTI symbol.
About IDT
IDT is a global leader in semiconductor solutions for advanced
network services. IDT serves communications equipment vendors by
applying its advanced hardware, software and memory technologies to
create flexible, highly integrated products that enhance the
functionality and processing of network equipment. IDT accelerates
innovation with products such as network search engines (NSEs),
flow-control management (FCM) ICs and its commitment to and products
for standards-based serial switching. The portfolio also comprises
products optimized for communications applications, including telecom
products, FIFOs, multi-ports, and timing solutions. In addition, the
product mix includes high-performance digital logic and high-speed
SRAMs to meet the requirements of leading communications companies.
About ICS
ICS established recognition as a world leader in the design,
development, and marketing of silicon timing devices for
communications, networking, computing, and digital multimedia
applications. ICS has been headquartered in Norristown, Pa., with key
facilities in San Jose, Calif.; Tempe, Ariz.; Worcester, Mass.; and
Singapore. For more information, visit the ICS web site at
www.icst.com.
Safe Harbor Statement
This release contains, in addition to statements of historical
fact, certain forward-looking statements. These forward-looking
statements relate to the merger and the combined company and involve
risk and uncertainty. Actual results could differ from those currently
anticipated due to a number of factors, including those mentioned in
documents filed with the SEC by both IDT and ICS. Forward-looking
statements are based on information available to management at the
time, and they involve judgments and estimates. Factors that could
cause results to differ from expectations include: the risk that the
businesses will not be integrated successfully; the risk that the cost
savings and any other synergies from the transaction may not be fully
realized or may take longer to realize than expected; disruption from
the transaction making it more difficult to maintain relationships
with customers, employees or suppliers; transaction costs; the level
of market demand for the products of the companies; competitive
pressures; economic conditions in the U.S. and other countries where
the companies operate; information technology spending; technological
obsolescence; industry competition; and other specific factors
discussed in the IDT and ICS's most recent Annual Reports on Form 10-K
and the IDT and ICS's Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. IDT and ICS assume no responsibility to update
any forward-looking statements as a result of new information or
future developments.
IDT, Interprise and the IDT logo are trademarks of Integrated
Device Technology, Inc. All other brands, product names and marks are
or may be trademarks or registered trademarks used to identify
products or services of their respective owners.