SAN JOSE, Calif. – December 30, 2003 -- Cypress Semiconductor Corp. (NYSE: CY) today announced that it has satisfied all conditions to closing its agreement to acquire Cascade Semiconductor Corporation, a company specializing in one-transistor (1T) Pseudo-SRAM (PSRAM) products for wireless applications, including cell phones. 1T PSRAM devices offer higher density than conventional SRAMs at a lower cost, enabling new features in next-generation phones. Cascade currently is shipping PSRAM products in volume.
The acquisition brings a veteran development team to Cypress with experience selling system-in-package (SiP) solutions that use multiple chips in a single package to create a functional subsystem with maximum density. "The Cascade acquisition will enhance Cypress’s product development capabilities for the mobile phone segment and help broaden our memory portfolio," said Tony Alvarez, Cypress’s executive vice president for the Memory Products Division. "As next generation mobile handsets become smaller and require higher densities, the Cascade team will help Cypress to expand our market position." The Cascade acquisition is expected to be accretive to Cypress’s pro forma earnings starting in the first quarter of 2004.
About Cypress
Cypress Semiconductor Corporation (NYSE: CY) is Connecting from Last Mile to First Mile with high-performance solutions for personal, network access, enterprise, metro switch and core communications-system applications. Cypress Connects™ using wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at http://www.cypress.com/.
About Cascade
Founded in May 2001, Cascade Semiconductor Corporation is a privately held fabless semiconductor company that designs and markets low-power memory products to wireless communications market based in Beaverton, OR. More information about Cascade is available online at http://www.cascadesemi.com/.