Agere Systems Shareholders Approve All Proposals at Annual Meeting
February 18 2005 - 5:00PM
PR Newswire (US)
Agere Systems Shareholders Approve All Proposals at Annual Meeting
Authority for Reverse Stock Split, Combination of Two Classes of
Stock Granted to Board of Directors; Directors Re-Elected
ALLENTOWN, Pa., Feb. 18 /PRNewswire-FirstCall/ -- Agere Systems
(NYSE:AGR.ANYSE:AGR.B) today announced the preliminary results of
voting at the company's annual meeting yesterday. The six proposals
under consideration were all approved by shareholders, including
the proposals to reclassify the company's two classes of common
stock into a new, single class of common stock, the four
alternative proposals to effect a reverse stock split and the
proposal to make administrative changes to the company's
certificate of incorporation. Over 90 percent of the votes cast
approved each of the proposals. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040618/AGERELOGO ) The Board
now has stockholder approval to reclassify the company's stock and
to implement a reverse split at one of four ratios -- 1 for 10, 1
for 20, 1 for 30 or 1 for 40. The Board has not determined if or
when to implement these proposals. The Board can effect a reverse
split at any time before the 2006 annual meeting. In other
business, directors Richard S. Hill, Arun Netravali and Harold A.
Wagner were re-elected to the board, each receiving over 90 percent
of the votes cast. Agere Systems is a global leader in
semiconductors for storage, wireless data, and public and
enterprise networks. The company's chips and software power a broad
range of computing and communications applications, from cell
phones, PCs, PDAs, hard disk drives and gaming devices to the
world's most sophisticated wireless and wireline networks. Agere's
customers include top manufacturers of consumer electronics,
communications and computing equipment. Agere's products connect
people to information and entertainment at home, at work and on the
road -- enabling the connected lifestyle. More information about
Agere is available on the company's website http://www.agere.com/.
This release contains forward-looking statements based on
information currently available to Agere. Agere's actual results
could differ materially from the results stated or implied by those
forward-looking statements due to a number of risks and
uncertainties. These risks and uncertainties include, but are not
limited to, our reliance on major customers and suppliers, our
ability to keep pace with technological change, our dependence on
new product development, price and product competition,
availability of manufacturing capacity, customer demand for our
products and services, and general industry and market conditions.
For a further discussion of these and other risks and
uncertainties, see our annual report on Form 10-K for the fiscal
year ended September 30, 2004, and our quarterly report on Form
10-Q for the quarter ended December 31, 2004. Agere disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
http://www.newscom.com/cgi-bin/prnh/20040618/AGERELOGO
http://photoarchive.ap.org/ DATASOURCE: Agere Systems CONTACT:
Media Inquiries: Steven Goldsmith, +1-610-712-6737, +1-484-553-0419
(mobile), , or Investor Inquiries: Sujal Shah, +1-610-712-5471, ,
both of Agere Systems Web site: http://www.agere.com/
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