SAN JOSE, Calif. -- April 20, 2000 -- Micrel, Inc announced today that it acquired privately held Electronic Technology Corporation (ETC), a developer of power management and mixed signal products. ETC's products are designed for the portable computing, communications and automotive markets and will strengthen Micrel's (NASDAQ: MCRL) position as a supplier of mixed signal and analog ICs to these markets.
ETC's product portfolio consists of a line of power supply supervisor products and some custom ICs for the automotive market. "Our power supply supervisor products are typically used in the same systems that Micrel serves with their current power products," said Andy Burkland President of ETC. "And our automotive experience includes a product that integrates an embedded controller with a high resolution A/D converter - demonstrating a level of mixed signal integration capability that will be very useful to Micrel going forward." said Burkland.
"This transaction is consistent with Micrel's strategy to expand its technology and product portfolio in high performance analog and mixed-signal markets. ETC's design expertise is highly complementary with Micrel's existing design talent," said Ray Zinn, President & CEO of Micrel. "We are very excited by their mixed signal capability which will enable Micrel to add valuable, programmable digital functionality to future mixed signal products," said Zinn.
Electronic Technology Corporation has twelve employees who perform research and development, marketing, testing and quality assurance from its Huxley, Iowa headquarters facility. ETC recorded revenues of approximately $2.6 million in 1999. Electronic Technology Corporation's quality system is registered to ISO 9001 and QS-9000 standards
Under the terms of the merger agreement Micrel issued 76,120 shares of common stock in exchange for the outstanding shares of capital stock of ETC. The transaction is intended to be accounted for as a pooling of interests and to qualify as a tax-free reorganization.
Statements in this press release, which are not purely historical, are forward-looking statements. All forward-looking statements included in this release are made as of the date hereof, based on information available to Micrel as of the date hereof, and Micrel assumes no obligation to update any forward-looking statement. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should refer to the risk disclosures outlined in Micrel's Annual Report on Form 10-K for the year ended December 31, 1999 and Micrel's quarterly reports on Form 10-Q filed with the SEC.
About Micrel
Micrel Semiconductor is a leading manufacturer of advanced, high performance communications, clock management, mixed signal, analog and power ICs. These products include devices for fiber-optic and copper telecommunications and networking, cellular telephones, servers, portable computer systems, computer peripherals, process control systems, consumer electronics and power supplies.