California Micro Devices to Acquire Arques Technology
March 16 2006 - 4:41PM
PR Newswire (US)
Acquisition Will Strengthen Analog Product Line for Core Markets
MILPITAS, Calif., March 16 /PRNewswire-FirstCall/ -- California
Micro Devices (NASDAQ:CAMD) announced today that it has entered
into a definitive agreement to acquire privately held Arques
Technology, a fabless manufacturer of innovative analog
semiconductor devices. The acquisition of the Santa Clara,
California firm adds white LED drivers for mobile handsets and DDR
memory voltage regulators for digital consumer electronics products
to the CMD product portfolio. "The acquisition of Arques Technology
marks an important milestone in the evolution of California Micro
Devices," said Robert V. Dickinson, president and chief executive
officer. "In addition to strengthening our analog design team and
our portfolio of active analog devices, it also expands our
presence in Asia." Under the terms of the agreement, the
acquisition will be a cash transaction consisting of an initial
payment of approximately $8.0 million and an earn out based on
performance of the Arques product line during the eighteen months
after the acquisition is completed. The transaction is expected to
close in early April, 2006. Founded in 2001, Arques currently has
25 employees at its Santa Clara headquarters and its Taipei and
Beijing locations, most of whom, according to Dickinson, will be
offered the opportunity to continue working in their present
positions. "We look forward to Arques employees joining our team
and playing key roles in driving our company's future growth," he
added. Commenting on the acquisition, Gerome Tseng, Arques
president and CEO, said, "We have great respect for California
Micro Devices and the strong position it has established in the
markets we have been targeting. We believe the combination of the
two companies will lead to greater success than either would
achieve alone." About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of
application specific analog semiconductor products for the mobile
handset, personal computer and digital consumer electronics
markets. Key products include Application Specific Integrated
Passive(TM) (ASIP(TM)) devices and selected high value mixed signal
ICs. Detailed corporate and product information may be accessed at
http://www.calmicro.com/. All statements contained in this press
release that are not historical facts are forward-looking
statements which are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. They are not
guarantees of future performance or events. Rather, they are based
on current expectations, estimates, beliefs, assumptions, and goals
and objectives and are subject to uncertainties that are difficult
to predict. As a result, our actual results may differ materially
from the statements made. Often such statements can be identified
by their use of words such as will, intends, expects, plans,
believes, anticipates, and estimates. Forward-looking statements
made in this release include that we expect our acquisition of
Arques Technology to close in early April and strengthen our analog
design team and LED driver portfolio. These forward- looking
statements are based upon our assumptions about and assessment of
the future, which may or may not prove true, and involve a number
of risks and uncertainties including, but not limited to our
acquisition of Arques not closing due to a failure of either party
to satisfy a closing condition or due to either party breaching our
agreement; key members of the Arques analog design teams deciding
not to join or to shortly thereafter quit our employment; and the
Arques product portfolio not being as robust as we expect when
readied for production as well as the risk factors detailed in the
company's Form 8K, 10K, and 10Q filings with the Securities and
Exchange Commission. Due to these and other risks, the company's
future actual results could differ materially from those discussed
above. These forward-looking statements speak only as to the date
of this release, and, except as required by law, we undertake no
obligation to publicly release updates or revisions to these
statements whether as a result of new information, future events,
or otherwise. NOTE: ASIP(TM) and Application Specific Integrated
Passive(TM) are trademarks of California Micro Devices. All other
trademarks are property of their respective owners DATASOURCE:
California Micro Devices Corporation CONTACT: Robert Dickinson of
California Micro Devices, +1-408-934-3144, or Web site:
http://www.calmicro.com/
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