HILLSBORO, Ore. - July 15, 2002 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced that it has entered into an agreement to acquire privately-held Cerdelinx Technologies, Inc. of San Jose, California. Closing is subject to customary conditions and is expected to occur within one month.
Under terms of the agreement, Lattice will acquire Cerdelinx in a stock-for-stock transaction worth approximately $23 million. A portion of the consideration will be expensed as in-process research and development in the current quarter.
Cerdelinx is an early stage fabless semiconductor company focused on the design of application specific standard products targeted towards emerging high-speed communications and storage applications. Cerdelinx currently has a team of 27 engineers who are developing a portfolio of low-power CMOS transceivers and backplane interfaces with embedded high-speed SERDES I/O to support 10 gigabit-per-second applications. The acquisition will serve to enhance Lattice's silicon development efforts and its ability to deliver leading-edge programmable solutions within the OC-192, networking and storage market segments.
"Lattice is committed to offering industry leading embedded 10Gb support and high-speed I/O functionality in conjunction with our future programmable products," stated Steven A. Laub, President of Lattice. "We look for the Cerdelinx team to bring us communications and networking applications expertise as well as augment our mixed signal silicon design capabilities."
"Lattice has the financial and sales resources necessary for success", said T.J. Lin, Cerdelinx president and chief executive officer. "We are excited to join the Lattice team and help penetrate the attractive 10Gb market."
The foregoing paragraphs contain forward-looking statements within the meaning of the federal securities laws, which statements involve risks and uncertainties. These forward looking statements include statements about expectations regarding the closing of the Cerdelinx acquisition, enhancement of Lattice's silicon development efforts and ability to deliver leading-edge programmable solutions, Lattice's commitment to offer embedded 10Gb support and high-speed I/O functionality in conjunction with future programmable products, the expectation that the Cerdelinx team will bring certain technical expertise to Lattice, and Lattice's penetration of the 10Gb market. Investors are cautioned that actual events and results could differ materially from these statements as a result of a number of factors, including overall semiconductor market conditions, market acceptance and demand for our new products, risks related to the closing of the Cerdelinx acquisition and the integration of Cerdelinx with Lattice, our dependencies on our silicon wafer suppliers, the impact of competitive products and pricing, and technological and product development risks.
Oregon-based Lattice Semiconductor Corporation designs, develops and markets the broadest range of high-performance ISP programmable logic devices (PLDs), Field Programmable Gate Arrays (FPGAs) and Field Programmable System-on-a-Chip (FPSC) devices. Lattice offers total solutions for today's system designs by delivering the most innovative programmable silicon products that embody leading-edge system expertise.
Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the communication, computing, industrial and military end markets. Company headquarters are located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124 USA. For more information access our web site at http://www.latticesemi.com/index.cfm.