Press Release Source: Catalyst Semiconductor
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Catalyst Semiconductor Board Increases Share Repurchase Authorization
Thursday March 27, 9:31 am ET
SUNNYVALE, Calif.--(BUSINESS WIRE)--March 27, 2003--Catalyst Semiconductor, Inc. (Nasdaq:CATS - News), a developer and marketer of programmable products used in telecommunications, networking systems, computation, automotive, industrial and consumer markets, announced today that it has been authorized by its Board of Directors to increase its stock repurchase program by an additional 500,000 shares of its Common Stock which may be repurchased in the open market from time to time. The Board of Directors has now authorized an aggregate of two million shares of the Company's Common Stock for repurchase on the open market. To date, the Company has repurchased approximately 1.4 million shares of its Common Stock on the open market. The Company currently has approximately 16.3 million shares of Common Stock outstanding.
"With sufficient assets to fund the company's continuing operations and new strategic growth plan, management and the board determined that repurchasing shares at prices believed to be below the true long-term value of the company is in all shareholders' interest," said Gelu Voicu, president and chief executive officer.
The Company has previously announced the repurchase of an additional 1.5 million shares of its Common Stock in a private transaction with Elex N.V., a Belgian holding company. Roland Duchatelet, the chairman and CEO of Elex, serves as a member of Company's Board of Directors.
About Catalyst Semiconductor
Founded in 1985, Catalyst Semiconductor, Inc. is headquartered in Sunnyvale, Calif. The Company is a developer and marketer of programmable products used in telecommunications, networking systems, computation, automotive, industrial and consumer markets. The Company designs and markets a broad range of programmable products including Flash Memories, Parallel and Serial EEPROMs with I2C, SPI and Microwire interfaces, NVRAMs, Digitally Programmable Potentiometers, Microcontroller Supervisory circuits and other programmable Mixed Signal products. Typical applications for the Company's products include optical networks, modems, wireless LANs, network cards, PC BIOS, DIMM modules, cellular telephones, digital satellite box receivers, set-top boxes and Internet routers. Catalyst's Quality Management System is ISO 9001 certified. Additional information about Catalyst Semiconductor is available on the Company's web site at www.catalyst-semiconductor.com.
Safe Harbor Statement
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding Catalyst Semiconductor's stock repurchase program. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. Further risks are detailed in Catalyst Semiconductor's filings with the Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for the fiscal year ended April 30, 2002.
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Contact:
Catalyst Semiconductor
Joan Vargas, 408/542-1051
joan.vargas@catsemi.com
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Source: Catalyst Semiconductor |
