Had my .10 as I bought last Wed and never took it...darn sleeping in and all...rather I added to it today. Now in the next few days I'll take the .31 and sell half to go on and invest elsewhere as I believe in paying myself first. It's been a hard lesson to learn not to fall in love. I'd hang on to my other 50% because my good friend buffalo from stockhouse told me to.
Maybe the chip works.
Draw yourself a ten year chart. Volume is up after a few years of sliding. Hit around $7 previously and began the slide from there. ( feeling that this company had or has something but getting it to market has been tough)There has not been very good reporting from the company to the exchange and the stock has been discounted because of this.The past year has been extreamly hard with stock price falling from .90 to .10 a 900% drop. I'd smile but don't want to offend longtimers.Not sure where we go from here but if the chip works the company will. These are a couple of NR that may be important.
ADI Technologies Inc -
ADI Apogee series update
ADI Technologies Inc ADH
Shares issued 28,658,588 1999-07-14 close $0.21
Wednesday Jul 14 1999
Mr. Jean Monroe reports
ADI Technologies originally announced in Stockwatch its design delivery date for production of its long awaited Apogee series chips in May, 1998. During July of 1998 Cadence Design Systems delivered the release version of the Apogee D-2 design to IBM for fabrication. Though this event was finally achieved, it occurred approximately 23 months behind Cadence's original commitment date.
To the credit of ADI's many advanced proprietary functional features, the company's technology has maintained the D-2 chip as a competitive challenger in today's markets against formidable competitors despite the delay. This position has been verified, as recently as last week, from interest expressed by a major potential competitor for license of ADI's design and underlying technologies.
Since taking delivery of the D-2 in late October, 1998, ADI with assistance from IBM engaged in a rigorous testing program designed to verify the integrity of the design work. The intent of the program was to challenge the design performance of each enhanced algorithmic development and function, as well as other international open standard interfaces that were identified and specified by ADI. Test results demonstrated inconsistent performance due to internal chip data patterns. Further testing by ADI identified significant design flaws in two modular sections of the chip. Although the problems are significant to achieving functional performance, at this time management believes the deficiencies can be remedied with modifications.
Under terms of the agreement, Cadence, subject to regulatory approval, could have acquired up to 10 per cent of the company's shares through the exercise of warrants priced at $2.98 (Canadian). Cadence failed to meet certain milestones and did not qualify for the proposed warrants; therefore, the warrants have no validity.
Due to the chip's functional performance deficiency and repeated delays in achieving design delivery to IBM, ADI is currently engaged in a dispute with Cadence. A recent court decision granted ADI's request for a hearing before a panel of arbitrators and denied Cadence's court action including their request for a temporary restraining order that would have prohibited ADI from using the Apogee D-2 chip. ADI, with its counsel, is confident that the situation will be successfully resolved and are exploring available avenues, including potential claims against Cadence or settlement.
ADI investors and shareholders should understand that it might be difficult to arrive at an expedient resolution. Nonetheless, management is committed to seeking an appropriate resolution to this dispute that will redress ADI damages resulting from Cadence's lack of meeting contractual obligations, including pursuit of the company's court-awarded right to seek resolution through arbitration.
Additionally, as reported in Stockwatch earlier, ADI reported its intended acquisition of a Multimedia Interactive Video technology. After considerable study, the company has determined that the technology will not be suitable for use with MPEG video formats and the company has elected to abandon the acquisition initiative. ADI will continue its own independent research for an appropriate real-time interactive technology solution that will use MPEG video formats.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
old url (better for printing)
Attention Business Editors:
ADI Technologies announces successful completion of the Apogee D-2 chip
ARLINGTON HEIGHTS, IL., Oct. 22 /CNW/ - ADI Technologies Inc.
SYMBOL: ADH.V
NASDAQ: ADIKF
ADI Technologies, Inc., is pleased to announce that the fabrication and
test of the Apogee D-2 chip has been successfully completed by IBM. ADI is
now preparing the various and exhaustive test suites that it will use to
conduct further functional verification of the Apogee D-2. ADI will be
assisted in the verification testing process by its design partner Cadence
Design Systems, Inc. The Company anticipates testing to be completed within
four to six weeks. Selective releases of the sample designer kit product will
be shipped to some customers who have offered to participate in the product
test program.
On behalf of the Board of Directors
(signed)
--------------
Jean Monroe,
Chairman & CEO
The information herein has neither been approved nor disapproved by the
Vancouver Stock Exchange nor the Securities and Exchange Commission. All
Trademarks are registered to their respective companies.
-30-
For further information: Sheryl Ann De Spain, Investor Relations, (847)
439-1335, sads@adi.net
How have the tests worked out?
regards
b |
