Hillsboro, Oregon and Orlando, Florida — July 19, 2001 -- TriQuint Semiconductor, Inc (NASDAQ: TQNT) and Sawtek Inc. (NASDAQ: SAWS) today announced that they have completed the merger of the two companies after receiving approval of their respective stockholders of matters related to the merger. Under the terms of the merger, Sawtek stockholders received 1.1507 shares of TriQuint common stock for each share of Sawtek common stock. Commencing Friday, July 20, 2001, Sawtek's common stock will no longer trade on the Nasdaq National market. TriQuint's common stock trades on the Nasdaq National Market under the symbol "TQNT".
Steven J. Sharp, TriQuint's Chairman, President and CEO stated that, "I am very pleased to announce the completion of the merger with Sawtek and we will be discussing the future of the combined company in our conference call later today. The combined company will continue to be known as TriQuint Semiconductor, Inc. and will be headquartered in Hillsboro, Oregon. Sawtek will operate as a wholly owned subsidiary of TriQuint and will continue to market its products under the Sawtek brand". Sharp also said, "In the second quarter, TriQuint continued to operate profitably in a difficult business environment while introducing a record number of new products."
Kimon Anemogiannis, President of Sawtek, stated: "We are extremely excited about the merger with TriQuint and we look forward to better serving our customers with the integrated solutions that the combined company will offer."
About TriQuint Semiconductor
TriQuint Semiconductor, Inc. (NASDAQ: TQNT) is a leading worldwide supplier of a broad range of high performance gallium arsenide (GaAs) integrated circuits. TriQuint's products span the RF and millimeter wave frequency ranges and employ analog and mixed signal circuit designs. They are used in wireless communications, telecommunications, data communications and aerospace systems. TriQuint offers both standard and customer specific products as well as foundry services. TriQuint's two operations, in Oregon and Texas, are both certified to the ISO 9001 international quality standard. TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached by phone at (503) 615-9000 or by fax (503) 615-8900. Visit the TriQuint website at http://www.triquint.com.
About Sawtek
Sawtek Inc. designs, develops, manufactures and markets a broad range of electronic signal processing components based on surface wave, or SAW, technology primarily for use in the wireless communications industry. Sawtek's primary products include SAW filters for mobile handsets and infrastructure, plus custom-designed, high performance bandpass filters, resonators, oscillators and SAW-based subsystems. These products are used in a variety of microwave and RF systems, such as CDMA, TDMA, AMPS, GSM and 3G digital wireless communications systems, digital microwave radios, wireless local area networks, cable television equipment, Internet infrastructure, and various defense and satellite systems. You can access more information about Sawtek by visiting the Sawtek website at http://www.sawtek.com.
Forward-Looking Statements are omitted