Alliance to Receive 79,000 Shares of PMC-Sierra
PMC-Sierra Announces Plan to Acquire Malleable Technologies
SANTA CLARA, Calif.--(BUSINESS WIRE)--June 15, 2000--In a press release dated June 14, 2000, PMC-Sierra, Inc. (``PMC'') (Nasdaq:PMCS - news), a leading supplier of high performance semiconductor networking solutions for use in the high speed transmission and networking systems, announced that it agreed to acquire Malleable Technologies, Inc. (``Malleable'').
According to the terms of the proposed acquisition, PMC will exchange 1.25 million shares of PMC stock for the remaining 85% interest of Malleable that PMC does not already own.
Malleable, based in San Jose, California, was founded in 1998 as a fabless semiconductor company whose focus is in developing high density, voice over packet digital signal processors (http://www.malleable.com).
In connection with the proposed merger, Alliance Semiconductor Corporation (``Alliance'') (Nasdaq:ALSC - news), through its venture arm, Alliance Venture Management, LLC, will receive approximately 79,000 shares of PMC for its 7% interest in Malleable. Upon the completion of the merger, Alliance will report a gain based on the closing share price of PMC on the date of the merger. Based on the closing share price of PMC on June 14, 2000, the estimated pretax gain from this transaction is approximately $11 million.
Company Information
Alliance Semiconductor Corporation is a leading worldwide supplier of high performance memory and memory intensive logic products. Alliance's product lines include Static Random Access Memory (SRAM), Dynamic Random Access Memory (DRAM), Flash memory and embedded memory and logic products.
Alliance designs, develops and markets its products to the desktop and portable computing, networking, telecommunication, instrumentation, and consumer markets. Alliance manufactures its products through independent and joint venture manufacturing facilities, using advanced CMOS process technologies with line widths as narrow as 0.25 microns.
The Company, through its venture arm Alliance Venture Management, LLC, invests in three venture funds. Alliance Ventures I, LP focuses on investing in networking and communication start-up companies, Alliance Ventures II, LP focuses on investing in internet start-up ventures, and Alliance Ventures III, LP, focuses on emerging companies in the networking and communication market areas.
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