IDT Issues Statement on Schedule 13D Filing
April 12 2016 - 8:12PM
Business Wire
Integrated Device Technology, Inc. (IDT®) (NASDAQ:IDTI) today
provided a statement regarding a Schedule 13D and 13D/A filed with
the SEC on April 12, 2016 jointly by, and on behalf of, Libin Sun,
Liang Xu, Haiping Zhou, Zhibin Lin, Junping Chen, Libin Yang and
Nauman Aly. The Schedule 13D filing reports beneficial ownership by
the group of approximately 6.6 million shares of IDT common stock,
including options to purchase approximately 3.6 million shares, and
representing approximately 4.9% of the 135.4 million shares
outstanding as of February 5, 2016. The Schedule 13D also includes
a copy of a letter that purports to constitute a preliminary
non-binding proposal to acquire all of the outstanding shares of
IDT common stock, not already beneficially owned by the group.
President & CEO Greg Waters stated, “These SEC filings
represent the first and only information IDT has received from this
group, and we have not had any communication whatsoever with any of
these parties. At this time we are unaware of any other information
that would support a determination that the group’s proposal
represents a credible bona fide offer to purchase the company. IDT
will evaluate any further information that may be received from the
group to determine whether a genuine and credible offer
exists.”
About IDT
Integrated Device Technology, Inc. develops system-level
solutions that optimize its customers' applications. IDT's
market-leading products in timing, serial switching and interfaces
are among the company's broad array of complete mixed-signal
solutions for the communications, computing, consumer, automotive
and industrial segments. Headquartered in San Jose, Calif., IDT has
design, manufacturing, sales facilities and distribution partners
throughout the world. IDT stock is traded on the NASDAQ Global
Select Stock Market® under the symbol “IDTI.” Additional
information about IDT is accessible at www.IDT.com. Follow IDT on
Facebook, LinkedIn, Twitter, YouTube and Google+.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this
release, including but not limited to statements regarding demand
for Company products, anticipated trends in Company sales, expenses
and profits, involve a number of risks and uncertainties that could
cause actual results to differ materially from current
expectations. Risks include, but are not limited to, global
business and economic conditions, fluctuations in product demand,
manufacturing capacity and costs, inventory management,
competition, pricing, patent and other intellectual property rights
of third parties, timely development and introduction of new
products and manufacturing processes, dependence on one or more
customers for a significant portion of sales, successful
integration of acquired businesses and technology, availability of
capital, cash flow and other risk factors detailed in the Company’s
Securities and Exchange Commission filings. The Company urges
investors to review in detail the risks and uncertainties in the
Company’s Securities and Exchange Commission filings, including but
not limited to the Annual Report on Form 10-K for the fiscal year
ended March 29, 2015. All forward-looking statements are made as of
the date of this release and the Company disclaims any duty to
update such statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160412006863/en/
IDT Investor RelationsSuzanne Schmidt,
415-217-4962suzanne@blueshirtgroup.comorIDT Worldwide MarketingDean
Solov, 408-284-2608dean.solov@idt.com
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