Silicon Image (NASDAQ:SIMGE)
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"E" Removed From Silicon Image's Trading Symbol
SUNNYVALE, Calif., June 10 /PRNewswire-FirstCall/ -- Silicon Image, Inc.
(NASDAQ:SIMG), a leader in multi-gigabit semiconductor solutions for the secure
transmission and storage of rich digital media, announced today that the NASDAQ
Listing Qualifications Hearings Department notified the Company on June 8, 2005
that its trading symbol will change from "SIMGE" to "SIMG" effective with the
open of business on June 10, 2005. The Hearings Department had previously
notified the Company that an "E" was added to its trading symbol due to the
alleged incomplete filing of its Form 10-K for the year ended December 31,
2004. The removal of the "E" from the Company's symbol evidences the fact that
the NASDAQ Staff has concluded that the Company's Form 10-K as previously
amended is complete and the Company meets NASDAQ Marketplace Rule 4310(c)(14)
filing requirements.
As previously announced, the Hearings Department notified the Company that it
was not in compliance with NASDAQ Marketplace Rules 4350 (c)(1) and 4350(d)(2)
requiring that a majority of the Board be comprised of independent directors
and that the Audit Committee be comprised of three independent directors,
including at least one director with requisite financial sophistication.
Subsequent to that notification and as previously announced, Silicon Image has
recently appointed Masood Jabbar and Peter Hanelt to the Board of Directors and
Audit Committee, bringing the total number of directors to six and Audit
Committee members to three. Following the annual meeting of stockholders on
June 15, 2005, a majority of the Company's Board of Directors will be comprised
of independent directors as required by NASDAQ Marketplace Rule 4350(c)(1). In
addition, as required by NASDAQ Marketplace Rule 4350(d)(2), the Audit
Committee is currently comprised of three independent directors, and each of
Mr. Jabbar and Mr. Hanelt satisfies the financial sophistication requirement.
On June 8, 2005, the Hearings Department notified the Company that the NASDAQ
staff has concluded that the Company has regained compliance with the Audit
Committee requirements, and the NASDAQ Staff further acknowledges the Company
will be in compliance with the majority independent director requirement on
June 15, 2005 when the Annual Meeting occurs. The Hearings Department has not
yet advised the Company that its listing review of the Company is complete.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image designs, develops and markets
multi-gigabit semiconductor and system solutions for a variety of
communications applications demanding high-bandwidth capability. With its
proprietary Multi-layer Serial Link (MSL(TM)) architecture, Silicon Image is
well positioned for leadership in multiple mass markets including PCs, consumer
electronics and storage. Currently, Silicon Image leads the global PC/display
arena with its innovative digital interconnect technology, and has emerged as a
leading player in the consumer electronics and storage markets by offering
robust, high-bandwidth semiconductors. For more information on Silicon Image,
visit http://www.siliconimage.com/.
Forward-looking Statements
This news release contains forward-looking information within the meaning of
federal securities regulations. These forward-looking statements include
statements related to NASDAQ proceedings and the listing of Silicon Image
common stock. These forward-looking statements involve risks and uncertainties,
including those described from time to time in Silicon Image's filings with the
SEC, that could cause the actual results to differ materially from those
anticipated by these forward-looking statements. In particular, NASDAQ
proceedings may result in the immediate or subsequent delisting of Silicon
Image's common stock from the NASDAQ National Market. Also see "Management's
Discussion and Analysis of Financial Condition and Results of
Operations-Factors Affecting Future Results" in the most recent Annual Report,
Form 10-K or 10-Q filed by Silicon Image with the SEC. Silicon Image assumes no
obligation to update this forward-looking information.
NOTE: Silicon Image, MSL, and http://www.siliconimage.com/ are trademarks,
registered trademarks or service marks of Silicon Image, Inc. in the United
States and other countries.
DATASOURCE: Silicon Image, Inc.
CONTACT: Darrel Slack, Chief Financial Officer, of Silicon Image, Inc.,
+1-408-616-1550, or fax, +1-408-830-9531, or
Web site: http://www.siliconimage.com/