MicroWave Technology, Inc.
acquired by IXYS Corporation September 2003
MwT is pleased to announce that it has been
acquired by IXYS Inc., a NASDAQ traded semiconductor company based in
California, on Thursday September 4, 2003.
With financial support from IXYS, strategic synergies and complementary
technologies, products, applications, market channels and customer bases
between the two companies, MwT, now as a wholly owned subsidiary of IXYS
Inc., is committed to provide quality service to our existing and future
customers through the development of new technologies and products and
continued efforts on cost reduction.
Attached below is the full version of news release by
IXYS Inc. on the MwT
acquisition:
Press Release Source: IXYS Corporation
IXYS Corporation Acquires Microwave Technology, Inc.
Thursday September 4, 8:30 pm ET
SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 4, 2003--IXYS Corporation
(NASDAQ: SYXI - News) announced today the completion of its acquisition of
Microwave Technology, Inc.
Microwave Technology (MwT) designs, manufactures and markets high
performance and high quality gallium arsenide (GaAs) field effect
transistors, pseudomorphic high electron mobility transistors and microwave
monolithic integrated circuits. Based on its unique device technologies, MwT
designs, manufactures and markets radio frequency (RF) and microwave
frequency amplifier modules and function blocks that operate from low MHz to
30 GHz for wireless telecom infrastructure, industrial, medical equipment
and defense applications. MwT, a privately held company based in Fremont,
California, has about 50 employees and had about $6 million in annual
revenues during its fiscal year ended March 31, 2003.
In exchange for the outstanding shares and options of MwT, IXYS will issue
approximately 800,000 shares of IXYS common stock. As a result of the
merger, MwT is now a wholly owned subsidiary of IXYS.
"MwT fits our strategy of expanding our RF technology and products, as part
of our new IXYS RF initiative. MwT earned a reputation for high performance
and high quality GaAs devices and active microwave components here in
Silicon Valley, based on its proprietary technology. We see great benefits
in our continuing to serve the wireless telecom market and the medical
market, and to penetrate more into the defense and aerospace markets," said
Nathan Zommer, CEO of IXYS Corporation. "With IXYS' recent penetration into
the RF market, mainly with silicon-based devices, it is important to note
that the GaAs technology that MwT owns allows us to penetrate the higher
frequency range all the way to about 30 GHz. We expect to continue to
support and expand the products that MwT has been offering in the market,
and to enjoy synergies in the medical and telecommunication markets."
Greg Zhou, General Manager of MwT, said, "With financial support from IXYS,
strategic synergies and complementary technologies, products, applications,
market channels and customer bases between the two companies, the MwT
management team and employees are excited about the acquisition. We are
committed to provide quality service to our existing and future customers
through the development of new technologies and products and continued
efforts on cost reduction."
IXYS is a leading company in the design, development, manufacture and
marketing of high performance power semiconductors and specialized
integrated circuits. IXYS power semiconductors improve system efficiency and
reliability by converting raw electricity at relatively high efficiency into
the finely regulated power required by electronic products. IXYS focuses on
the market for power semiconductors that are capable of processing greater
than 500 watts of power. IXYS integrated circuits are focused on proprietary
products that range from solid-state relays for the telecommunications
market to flat panel driver ICs, power MOS drivers and other driver
applications.
Safe Harbor Statement
This press release contains forward-looking statements based on current
expectations or beliefs, as well as a number of assumptions about future
events, including forward-looking statements and assumptions regarding
synergies that may be achieved in the future, the degree to which the
combined organization's products, applications, market channels and customer
bases will be complementary, the potential for penetration into the defense
and aerospace markets and higher frequency products and the combined
organization's ability to develop and market new technologies and products
successfully. These statements and all other statements that are not
historical facts are subject to factors and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, including, among others, the following: the
ability of the combined organization to manage the cost of integrating the
two companies and effectively integrate the separate businesses of IXYS and
Microwave Technology; the failure of IXYS to realize the synergies that may
be derived from the acquisition; the costs associated with the acquisition;
higher than anticipated expenses that the combined organization may incur in
future quarters or the inability to identify expenses that can be
eliminated; the ability of the combined organization to retain key
employees; the ability of the combined organization to develop and market
new technologies and products; customer demand for the products of the
combined organization; and technological changes in the industries in which
the combined organization operates. IXYS does not undertake any obligation
to publicly release the results of any revisions to these forward-looking
statements. Information on other factors that could affect IXYS' operations
is detailed and included in IXYS' Form 10-K for its fiscal year ended March
31, 2003, as filed with the Securities and Exchange Commission.
Additional information may be obtained by visiting IXYS' website at
http://www.ixys.com, or by contacting the
company directly.
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Contact:
IXYS Corporation
Arnold Agbayani, 408-982-0700
